Subido por Leana Mejia

INIDE CIMANAGUA

Anuncio
35(6(17$&,Ï1
(O,QVWLWXWR 1DFLRQDOGH,QIRUPDFLyQGH'HVDUUROOR ,1,'( HQ HVWD RSRUWXQLGDGWLHQH OD VDWLVIDFFLyQ GH
KDFHU HQWUHJD RILFLDO DO 3UHVLGHQWH GH OD 5HS~EOLFD &RPSDxHUR 'DQLHO 2UWHJD 6DDYHGUD D ORV
PLQLVWHULRV JRELHUQRV ORFDOHV H LQVWLWXFLRQHV S~EOLFDV SULYDGDV \ UHOLJLRVDV D ORV RUJDQLVPRV
LQWHUQDFLRQDOHV \ DOD SREODFLyQ HQJHQHUDOOD &DUDFWHUL]DFLyQ 6RFLRGHPRJUiILFDGHO'HSDUWDPHQWR
GH0DQDJXDDSDUWLUGHORVUHVXOWDGRVGHO9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD
(VWHGRFXPHQWRHVXQRPiVGHODVHULHFRQWHPSODGDHQHOSURJUDPDGHSXEOLFDFLRQHVGHO9,,,&HQVRGH
3REODFLyQ\,9GH9LYLHQGDGHQWURGHOFRQMXQWRGHHVWXGLRVFRUUHVSRQGLHQWHVDORVGHSDUWDPHQWRV
\DODVUHJLRQHVDXWyQRPDV
7LHQHFRPRILQDOLGDGEULQGDULQIRUPDFLyQFRQILDEOHGHODVFDUDFWHUtVWLFDVVRFLRHFRQyPLFDVGHPRJUiILFDV
\ FXOWXUDOHV GH OD SREODFLyQ MXQWR D ODV FDUDFWHUtVWLFDV GH ODV YLYLHQGDV \ GH ORV KRJDUHV GHO
GHSDUWDPHQWRGH0DQDJXD\VXVPXQLFLSLRVLQYHVWLJDGDVHQORV&HQVRV1DFLRQDOHV$GHPiVVH
SUHVHQWDQUHVXOWDGRV GHOFHQVR DQWHULRU FRQ HO SURSyVLWR GH REVHUYDUORVFDPELRV PiV LPSRUWDQWHVGH
ORV SULQFLSDOHV LQGLFDGRUHV LQVXPRV QHFHVDULRV SDUD OD SODQLILFDFLyQ \ HMHFXFLyQ GH ORV GLIHUHQWHV
SUR\HFWRVHQHOFRQWH[WRORFDO
/D SXEOLFDFLyQ GH ORV UHVXOWDGRV FHQVDOHV DVt FRPR OD GLVSRVLFLyQ GH OD LQIRUPDFLyQ HQ PHGLRV
PDJQpWLFRV \ D WUDYpV GH OD SiJLQD :HE GHO ,1,'( HV XQD PDQLIHVWDFLyQ PiV GHO HVIXHU]R GH OD
LQVWLWXFLyQ SDUD SURSDJDU QXHVWUD KLVWRULD HVWDGtVWLFD \ SURPRYHU OD FXOWXUD GHO XVR DGHFXDGR GH ODV
HVWDGtVWLFDVQDFLRQDOHV
(O,1,'(DJUDGHFHDO*RELHUQRGH1LFDUDJXDDORVJRELHUQRVORFDOHVPLQLVWHULRVHLQVWLWXFLRQHVS~EOLFDV
\SULYDGDVRUJDQLVPRVLQWHUQDFLRQDOHVFRPRHO%DQFR,QWHUDPHULFDQRGH'HVDUUROOR %,' DO3URJUDPD
GH ODV 1DFLRQHV 8QLGDV SDUD HO 'HVDUUROOR 318' DO )RQGR GH 3REODFLyQ GH ODV 1DFLRQHV 8QLGDV
81)3$ DO *RELHUQR GH -DSyQ DO 0LQLVWHULR %ULWiQLFR SDUD HO 'HVDUUROOR ,QWHUQDFLRQDO '),' \ D OD
(PEDMDGD5HDOGH'LQDPDUFDSRUVXGHFLGLGRDSR\RDWDQVLJQLILFDWLYRHYHQWRHVWDGtVWLFR
$JUDGHFHPRVODSDUWLFLSDFLyQGHH[SHUWRV QDFLRQDOHVHLQWHUQDFLRQDOHVDOD&RPLVLyQ(FRQyPLFD SDUD
$PpULFD/DWLQD\HO&DULEH &(3$/ DO&HQWUR/DWLQRDPHULFDQR\&DULEHxRGH'HPRJUDItD &(/$'( DO
)RQGRGH3REODFLyQGHODV1DFLRQHV8QLGDV 81)3$ \DOD2ILFLQDGH&HQVRVGHORV(VWDGRV8QLGRV
86 &(1686 %85($8 SRU VX DFRPSDxDPLHQWR \ DVLVWHQFLD WpFQLFD GXUDQWH WRGDV ODV HWDSDV HQ OD
UHDOL]DFLyQGHORV&HQVRV1DFLRQDOHVGH3REODFLyQ\9LYLHQGD
(O ,1,'( DJUDGHFH HVSHFLDOPHQWH D OD SREODFLyQ QLFDUDJHQVH SRU VX YDOLRVD FRODERUDFLyQ \ SRU OD
LQIRUPDFLyQEULQGDGDVLQHOORQRKXELHVHVLGRSRVLEOHODUHDOL]DFLyQGHO9,,,&HQVRGH3REODFLyQ\,9GH
9LYLHQGD\ODSXEOLFDFLyQGHHVWRVUHVXOWDGRV
$50$1'252'5Ë*8(=6(55$12
',5(&725*(1(5$/
,1752'8&&,Ï1
(O ,QVWLWXWR 1DFLRQDO GH ,QIRUPDFLyQ GH 'HVDUUROOR ,1,'( KDFH HQWUHJD GH OD SUHVHQWH SXEOLFDFLyQ
³&DUDFWHUL]DFLyQ 6RFLRGHPRJUiILFD GHO 'HSDUWDPHQWR GH 0DQDJXD´ D SDUWLU GH ORV GDWRV GHO 9,,,
&HQVR GH 3REODFLyQ \ ,9 GH 9LYLHQGD UHDOL]DGR GHO GH PD\R DO GH MXQLR GH HQ WRGR HO
WHUULWRULRQDFLRQDO
(O,1,'(FXPSOHFRQODPLVLyQGHEULQGDULQIRUPDFLyQHVWDGtVWLFDGHFDOLGDGDORVXVXDULRVIRUWDOHFLHQGR
GH HVWD PDQHUD HO 6LVWHPD (VWDGtVWLFR 1DFLRQDO 6(1 DO SRQHU D GLVSRVLFLyQ GH WRGRV ORV JRELHUQRV
ORFDOHVRUJDQLVPRVJXEHUQDPHQWDOHVSULYDGRV\GHODVRFLHGDGFLYLOGHOSDtVDVtFRPRDODFRRSHUDFLyQ
LQWHUQDFLRQDOORVUHVXOWDGRVILQDOHVGHORV&HQVRV1DFLRQDOHV
/D &DUDFWHUL]DFLyQ 6RFLRGHPRJUiILFD GHO 'HSDUWDPHQWR GH 0DQDJXD FRPLHQ]D FRQ XQD EUHYH UHVHxD
KLVWyULFD GHO GHSDUWDPHQWR LQWURGXFWRULD D ORV WUHV JUDQGHV FDStWXORV TXH VH GHVDUUROODQ HQ OD
SXEOLFDFLyQ(OSULPHURGHGLFDGRDODQiOLVLV\GHVFULSFLyQGHODSREODFLyQDODGLVWULEXFLyQGHODPLVPD
HQHOWHUULWRULROHVLJXHQODVFDUDFWHUtVWLFDVSHUVRQDOHVFRPRODHGDGHOVH[RHOHVWDGRFRQ\XJDOOXJDU
GHQDFLPLHQWR\UHVLGHQFLDDQWHULRUDVSHFWRVUHODWLYRVDODSREODFLyQLQGtJHQDRFRPXQLGDGHVpWQLFDV\
OD UHOLJLyQ GH ODV SHUVRQDV $OJR HVSHFLDO HQ HVWH FDStWXOR HV HO DQiOLVLV TXH VH KDFH DFHUFD GH ODV
HVWLPDFLRQHVGHPRJUiILFDVGRQGHVHSUHVHQWDQLQGLFDGRUHVPX\LPSRUWDQWHVUHODWLYRVDODIHFXQGLGDG\
OD PRUWDOLGDG LQIDQWLO SDUD HO GHSDUWDPHQWR \ VXV PXQLFLSLRV &RQWLQ~D FRQ ODV FDUDFWHUtVWLFDV
HGXFDFLRQDOHV FRPR HO DQDOIDEHWLVPR DVLVWHQFLD HVFRODU \ QLYHO GH LQVWUXFFLyQ FDUDFWHUtVWLFDV
HFRQyPLFDV HQ ODV FXDOHV VH DQDOL]D OD SDUWLFLSDFLyQ GH OD 3REODFLyQ HQ (GDG GH 7UDEDMDU 3(7 VHSDUiQGROD HQ GRV JUDQGHV JUXSRV 3REODFLyQ (FRQyPLFDPHQWH $FWLYD 3($ \ 3REODFLyQ
(FRQyPLFDPHQWH ,QDFWLYD 3(, LQIRUPDFLyQ VREUH VHFWRUHV HFRQyPLFRV VLWXDFLyQ RFXSDFLRQDO \
PRYLOLGDGODERUDO
(QHOVHJXQGRFDStWXORVHDERUGDHOFRPSRUWDPLHQWRGHDOJXQDVFDUDFWHUtVWLFDVGHOFHQVRGHYLYLHQGD
SDUDHOORVHDQDOL]DQWHPDVUHIHULGRVDOWLSRGHYLYLHQGDWHQHQFLDGHODPLVPDVHUYLFLRVHQODYLYLHQGD
FRPRHODEDVWHFLPLHQWRGHDJXD\HODOXPEUDGRTXHWLHQHQ3DUDHIHFWRVGHWHQHUXQSDQRUDPDHYROXWLYR
GHODVFRQGLFLRQHVGHODYLYLHQGDVHDQDOL]DODLQIRUPDFLyQFHQVDOFRPSDUDQGRHQWUH\
(OWHUFHUFDStWXORHVWiUHIHULGRDODLQIRUPDFLyQREWHQLGDGHORVKRJDUHVGHOGHSDUWDPHQWRGH0DQDJXD\
VXVPXQLFLSLRVVLHQGRpVWHXQRGHORVSULQFLSDOHVDYDQFHVUHDOL]DGRVHQORV&HQVRV1DFLRQDOHV
/D LQYHVWLJDFLyQ GH ORV KRJDUHV GHQWUR GH ODV YLYLHQGDV FRQVWLWX\HQ XQD QXHYD GLPHQVLyQ GH HVWXGLR
GHQWUR GH ODV HVWDGtVWLFDV FHQVDOHV GHO SDtV DO SHUPLWLU OD FRPSDUDFLyQ FRQ ODV GLIHUHQWHV IXHQWHV
QDFLRQDOHV H LQWHUQDFLRQDOHV SDUD HOOR VH GHWDOOD LQIRUPDFLyQ EiVLFD GH ORV KRJDUHV UHIHUHQWH DO
SURPHGLRGHKRJDUHVSRUYLYLHQGDHOWLSRGHVHUYLFLRKLJLpQLFRVLHQGRXQDYDULDEOHGHWHUPLQDQWHEiVLFD
SDUD HYDOXDU OD FDOLGDG GH YLGD GH OD SREODFLyQ WDPELpQ VH GHWDOOD LQIRUPDFLyQ VREUH HO FRPEXVWLEOH
XVDGRSDUDFRFLQDU\ODIRUPDGHHOLPLQDUODEDVXUD
3RU ~OWLPR VH SUHVHQWDQFRQFHSWRV \ GHILQLFLRQHVEiVLFDV FXDGURVFRQ LQIRUPDFLyQ EiVLFD FXDGURVGH
LQGLFDGRUHV FRQWHQLGRV HQ HO $WODV 6RFLRGHPRJUiILFR (VWLPDFLRQHV \ 3UR\HFFLRQHV GH 3REODFLyQ \ OD
%ROHWD&HQVDOTXHD\XGDQDODOHFWXUDGHHVWDSXEOLFDFLyQ
3DUDKDFHUFRPSDUDEOHORVLQGLFDGRUHVGHOFHQVRFRQHOGHODEDVHGHGDWRVGHHVWH~OWLPR
VHDFWXDOL]yDSDUWLUGHODGHOLPLWDFLyQGHODVFLUFXQVFULSFLRQHVWHUULWRULDOHVFRPDUFDV\FRPXQLGDGHVGH
DFXHUGR D ORVGHUURWHURVHVWDEOHFLGRV SRU ,1(7(5HQ ORV PXQLFLSLRVFUHDGRV GHVSXpV GH (Q HO
FDVRGH0DQDJXDHOGHSDUWDPHQWRFXHQWDFRQGRVPXQLFLSLRVQXHYRV &LXGDG6DQGLQR\(O&UXFHUR \
D SDUWLU GH HVWRV QXHYRV OLQGHURV VH DIHFWD HO WRWDO GH SREODFLyQ \ YLYLHQGDV SDUD ORV PXQLFLSLRV GH
0DQDJXD\6DQ5DIDHOGHO6XU
/RV GDWRV SUHVHQWDGRV FRQVWLWX\HQ XQ PDUFR GH UHIHUHQFLD GH VXPD LPSRUWDQFLD D QLYHO PXQLFLSDO (O
KHFKRGHSRQHUDGLVSRVLFLyQGHORVXVXDULRVORVGDWRVFHQVDOHVSHUPLWLUiUHDOL]DUGLDJQyVWLFRVFRQXQD
EDVHHVWDGtVWLFDVyOLGDVREUHODVLWXDFLyQHFRQyPLFDHGXFDWLYD\VRFLRGHPRJUiILFDHQHOFRQWH[WRORFDO
MXQWRDODVFDUDFWHUtVWLFDVGHORVKRJDUHV\GHODVYLYLHQGDVLQVXPRVEiVLFRVSDUDGHILQLUHVWUDWHJLDV\
SROtWLFDVGHGHVDUUROORHQHVWHiPELWR
9,,,&(162'(32%/$&,Ð1<,9'(9,9,(1'$
&225',1$'25$1$&,21$/
&KULVWLQH*RIILQ
',5(&7257e&1,&2
0DUJHO$QWRQLR%HWHWD+HUUHUD
$6(625(63(&,$/,67$(1'(02*5$)Ì$
'RPLQJR$QWRQLR3ULPDQWH)XUODQ
5(63216$%/('($1É/,6,6&(16$/
-LPP\0DUWtQ5RVDOHV2UWt]
$1$/,67$6&(16$/(6
$QD&HFLOLD0DQ]DQDUHV4XLQWDQD
&ULVWLDQ-DYLHU&LVQHURV7DODYHUD
(ULFND0DUtD0HOJDUD0RUHQR
)UDQFLVFR(QULTXH2UR]FR,FD]D
*ODG\VGHO&DUPHQ=HOHGyQ/ySH]
,YiQ5RGULJR(VSLQR]D&KDPRUUR
-RVp5XWLOLR0RUHQR2UGHxDQD
0DQXHO$QWRQLR/ySH]6iHQ]
3DWULFLR-RVp$UiX]%HUYLV
352&(6$0,(172
6DQWLDJR0HMtD6ROtV5HVSRQVDEOH
2GHWWH5REOHWR$OHPiQ3URJUDPDGRUD
$*5$'(&,0,(1726
%$1&2,17(5$0(5,&$12'('(6$552//2 %,' 6UD0LUQD/LpYDQRGH0DUTXHV5HSUHVHQWDQWH
6UD*UDFLHOD&tQWRUD6XE5HSUHVHQWDQWH
6UD+D]HO/DUD3RUGR\(VSHFLDOLVWD0XOWLVHFWRULDO
6U5LFDUGR3RVDGD(VSHFLDOLVWD)LQDQFLHUR,QWHUQDFLRQDO
6U(GXDUGR%DUFiUFHO([5HSUHVHQWDQWH
6UD*LRYDQQD&DUDYDJJL([(VSHFLDOLVWD6HFWRULDO
352*5$0$'(1$&,21(681,'$63$5$(/'(6$552//2 318' 6U$OIUHGR0LVVDLU5HSUHVHQWDQWH5HVLGHQWH
6U-DIHW(QUtTXH]5HSUHVHQWDQWH5HVLGHQWH$GMXQWR
6U-RUJH/&KHGLHN([5HSUHVHQWDQWH5HVLGHQWH
6U(GG\-HUH]&RRUGLQDGRUGHÉUHD
6UD.ULVWLQD)HUQiQGH]2ILFLDOGH3URJUDPD
)21'2'(32%/$&,Ð1'(/$61$&,21(681,'$6 81)3$ 6U3HGUR3DEOR9LOODQXHYD5HSUHVHQWDQWH5HVLGHQWH
6U-RUJH&DPSRV2ILFLDOGH3URJUDPD
6UD0HGHD0RUDOHV$VHVRUD7pFQLFD
*2%,(512'(-$3Ð1
([FHOHQWtVLPR6U0LWVXKLUR.DJDPL(PEDMDGRU
6U.RVXNH$QiQ$JUHJDGRGH&RRSHUDFLyQ(FRQyPLFD
6U0RWRPLWVX7DJXFKL$JUHJDGRGH&RRSHUDFLyQ-,&$
6UD/XFtD0HGLQD6DQGLQR$VHVRUD)&9-DSyQ
0,1,67(5,2%5,7É1,&23$5$(/'(6$552//2,17(51$&,21$/
'),' 6U0DUWLQ-RKQVWRQ5HSUHVHQWDQWH
6UD0DUtD-RVp-DUTXtQ&RQVXOWRUDGH*REHUQDELOLGDG
6U$UWXUR:DOODFH2ILFLDOGH3URJUDPD
(0%$-$'$5($/'(',1$0$5&$
([FHOHQWtVLPR6U7KRPDV1HZKRXVH7ULJJ(PEDMDGRU
6U2UODQGR0HQGR]D2ILFLDOGH3URJUDPD
$6(625Ì$7e&1,&$,17(51$&,21$/
6U'LUN-DVSHU-HIH'LYLVLyQGH3REODFLyQ
&(3$/&(/$'(
6U-XDQ&KDFNLHO([SHUWRHQGHPRJUDItD
&(3$/&(/$'(
6U-RUJH5RGUtJXH]([SHUWRHQYLYLHQGD\KRJDU &(3$/&(/$'(
6U6HEDVWLiQ&DUUDVFR([SHUWRHQ5HGDWDP
&(3$/&(/$'(
6UD)DELDQD'HO3RSROR([SHUWDHQSXHEORVLQGtJHQDV
&(3$/&(/$'(
6UD*XLRPDU%D\([SHUWDHQSUR\HFFLRQHVGHSREODFLyQ
&(3$/&(/$'(
6U&DUORV(OOLV([SHUWRHQSURFHVDPLHQWRGHGDWRV
($781)3$
6U0DQXHO5LQFyQ([SHUWRHQFRQFLOLDFLyQFHQVDO
81)3$
6UD/DXUD5RGUtJXH]:RQJ([SHUWDHQVDOXG 81)3$
6U5DPLUR*XHUUD(VSHFLDOLVWDHQRUJDQL]DFLyQFHQVDO 81)3$
6U&DUORV6DQWXU(VSHFLDOLVWDHQFDUWRJUDItD
81)3$
6UD<RODQGD%RGQDU(VSHFLDOLVWDHQSXHEORVLQGtJHQDV %,'
6U$UPDQGR5/HYLQVRQ(VSHFLDOLVWDHQPXHVWUHR
86&HQVXV%XUHDX
6U*OHQQ)HUUL(VSHFLDOLVWDHQSURFHVDPLHQWRGHGDWRV 86&HQVXV%XUHDX
6UD6HOPD6DZD\D(VSHFLDOLVWDHQ&V3UR
86&HQVXV%XUHDX
6U-RKQ.DYDOLXQDV(VSHFLDOLVWDHQGLIXVLyQ
86&HQVXV%XUHDX
6UD6LPRQH$+ROODGD\(VSHFLDOLVWDHQGLIXVLyQ
86&HQVXV%XUHDX
6UD0DU\6WURGG(VSHFLDOLVWDHQFHQVRV '),'
6U6D~O0RUULV(VSHFLDOLVWDHQHVWDGtVWLFDV
'),'
6U-DYLHU9LFHQWH$JXLODU/DUD(VSHFLDOLVWDHQFDUWRJUDItD
,1(*,0p[LFR
Ë1',&(
),&+$*(2*5È),&$<&(16$/ %5(9(5(6(f$+,67Ï5,&$'(/'(3$57$0(172'(0$1$*8$ &$3Ë78/2 &(162'(32%/$&,Ï1 &DUDFWHUtVWLFDV6RFLRGHPRJUiILFDV 3REODFLyQWRWDO 2UGHQGHSULPDFtD\WDVDGHFUHFLPLHQWRGHORVGHSDUWDPHQWRV\UHJLRQHVDXWyQRPDV 2UGHQGHSULPDFtDGHORVPXQLFLSLRVWDVDGHFUHFLPLHQWR\GHQVLGDGSREODFLRQDO (VWUXFWXUDGHODSREODFLyQSRUVH[R\HGDG 'LVWULEXFLyQGHODSREODFLyQSRUiUHDGHUHVLGHQFLD (VWDGRFRQ\XJDOGHODSREODFLyQ /XJDUGHQDFLPLHQWR\UHVLGHQFLDDQWHULRUGHODSREODFLyQ /XJDUGHQDFLPLHQWR 5HVLGHQFLDDQWHULRU 3REODFLyQGHDxRV\PiVVHJ~QUHOLJLyQ 3REODFLyQLQGtJHQDRFRPXQLGDGpWQLFD 1LYHOGHODIHFXQGLGDGHQHORUGHQGHSDUWDPHQWDO 0RUWDOLGDGLQIDQWLODQLYHOGHSDUWDPHQWDO 3URPHGLRGHKLMRVSRUPXMHU\SURSRUFLyQGHKLMRVIDOOHFLGRV 3URPHGLRGHKLMRVSRUPXMHU 3URSRUFLyQGHKLMRVIDOOHFLGRV &DUDFWHUtVWLFDV(GXFDWLYDV $QDOIDEHWLVPR $VLVWHQFLDHVFRODU 1LYHOGHLQVWUXFFLyQ &DUDFWHUtVWLFDV(FRQyPLFDV 3REODFLyQ(FRQyPLFDPHQWH$FWLYD 3($ \3REODFLyQ(FRQyPLFDPHQWH,QDFWLYD 3(, 3REODFLyQHFRQyPLFDPHQWHDFWLYDRFXSDGDVHJ~QVHFWRUHVHFRQyPLFRV 6LWXDFLyQRFXSDFLRQDO 0RYLOLGDGODERUDO &$3Ë78/2 &(162'(9,9,(1'$ 7LSRGHYLYLHQGD 7HQHQFLDGHODYLYLHQGD $EDVWHFLPLHQWRGHDJXD Alumbrado .......................................................................................................................................... 57
CAPÍTULO 3............................................................................................................................................... 61
CENSO DE HOGAR ................................................................................................................................... 61
Promedio de hogares por vivienda..................................................................................................... 61
Servicio higiénico................................................................................................................................ 63
Eliminación de la basura .................................................................................................................... 64
Combustible usado para cocinar........................................................................................................ 66
CONCEPTOS, DEFINICIONES BÁSICAS Y NOTA TÉCNICA................................................................. 69
CONCEPTOS Y DEFINICIONES BÁSICAS.............................................................................................. 71
NOTA TÉCNICA ......................................................................................................................................... 77
ANEXOS ............................................................................................................................... .................... 79
ÍNDICE DE TABLAS EN TEXTO
TABLA 1.
POBLACIÓN POR ORDEN DE PRIMACÍA Y TASA DE CRECIMIENTO, SEGÚN
DEPARTAMENTO / REGIÓN AUTÓNOMA. CENSO DE 1995 Y 2005.............................. 18
TABLA 2.
POBLACIÓN, ORDEN DE PRIMACÍA, TASA DE CRECIMIENTO INTERCENSAL,
SUPERFICIE Y DENSIDAD POBLACIONAL, SEGÚN MUNICIPIO. CENSO DE 1995
Y 2005. ................................................................................................................................. 19
TABLA 3.
DISTRIBUCIÓN PORCENTUAL DE LA POBLACIÓN POR SEXO, SEGÚN GRUPOS
DE EDAD. CENSO DE 1995 Y 2005. .................................................................................. 20
TABLA 4.
POBLACIÓN POR ÁREA DE RESIDENCIA Y PORCENTAJE URBANO, SEGÚN
SEXO Y MUNICIPIO. CENSO DE 1995 Y 2005. ................................................................ 21
TABLA 5.
DISTRIBUCIÓN PORCENTUAL DE LA POBLACIÓN DE 15 AÑOS Y MÁS POR
ESTADO CONYUGAL, SEGÚN SEXO Y MUNICIPIO. CENSO 2005................................ 23
TABLA 6.
POBLACIÓN NACIDA EN EL PAÍS, NO MIGRANTE, INMIGRANTES,
EMIGRANTES INTERNOS Y SALDO NETO MIGRATORIO, SEGÚN MUNICIPIO.
CENSO 2005........................................................................................................................ 26
TABLA 7.
POBLACIÓN DE 5 AÑOS Y MÁS RESIDENTE EN EL PAÍS EN EL AÑO 2000, NO
MIGRANTE, INMIGRANTES, EMIGRANTES INTERNOS Y SALDO NETO
MIGRATORIO, SEGÚN MUNICIPIO. CENSO 2005. .......................................................... 27
TABLA 8.
DISTRIBUCIÓN PORCENTUAL DE LA POBLACIÓN DE 5 AÑOS Y MÁS POR
RELIGIÓN, SEGÚN CENSO Y MUNICIPIO. ....................................................................... 28
TABLA 9.
POBLACIÓN
AUTOIDENTIFICADA,
DISTRIBUCIÓN
PORCENTUAL
Y
PORCENTAJE DE POBLACIÓN QUE HABLA LA LENGUA POR ÁREA DE
RESIDENCIA, SEGÚN PUEBLO INDÍGENA O COMUNIDAD ÉTNICA A LA QUE
PERTENECE. CENSO 2005. .............................................................................................. 29
TABLA 10.
DISTRIBUCION PORCENTUAL DE LA POBLACIÓN AUTOIDENTIFICADA POR
PUEBLO INDÍGENA O COMUNIDAD ÉTNICA A LA QUE PERTENECE, SEGÚN
MUNICIPIO. CENSO 2005................................................................................................... 30
7$%/$
7$6$6 '( )(&81','$' 2%6(59$'$6 < &255(*,'$6 ',675,%8&,Ï1
325&(178$/ 325&(17$-( '( 5('8&&,Ï1 6(*Ò1 *58326 '( ('$'
7$6$*/2%$/'()(&81','$'<)$&725'(&255(&&,Ï1'(/$67$6$6
&(162'(< 7$%/$
352325&,Ï1'(+,-26)$//(&,'26 4L 7,(032'(/$6(67,0$&,21(6 WL < 352%$%,/,'$' '( 08(57( (1 (/ 35,0(5 $f2 '( 9,'$ 70, 6(*Ò1
*58326'(('$'&(1626'(< 7$%/$
3520(',2'(+,-2632508-(5(132%/$&,Ï1)(0(1,1$'($f26<
0È6 < 352325&,Ï1 '( +,-26 )$//(&,'26 325 È5($ '( 5(6,'(1&,$
6(*Ò1081,&,3,2&(162'(< 7$%/$
7$6$'($1$/)$%(7,602'(/$32%/$&,Ï1'($f26<0È6325È5($
'(5(6,'(1&,$6(*Ò16(;2<081,&,3,2&(162'(< 7$%/$
',675,%8&,Ï1 325&(178$/ '( /$ $6,67(1&,$ (6&2/$5 (1 /$
32%/$&,Ï1 '( $ $f26 325 È5($ '( 5(6,'(1&,$ 6(*Ò1 6(;2 <
081,&,3,2&(162'(< 7$%/$
',675,%8&,Ï1 325&(178$/ '( /$ 32%/$&,Ï1 '( $f26 < 0È6 325
1,9(/'(,16758&&,Ï16(*Ò1&(162<081,&,3,2 7$%/$
',675,%8&,Ï1 325&(178$/ '( /$ 32%/$&,Ï1 '( $f26 < 0È6 325
&21',&,Ï1'($&7,9,'$'6(*Ò1&(162<081,&,3,2 7$%/$
',675,%8&,Ï1 325&(178$/ '( /$ 32%/$&,Ï1 2&83$'$ '( $f26 <
0È63256(&725(6(&21Ï0,&266(*Ò16(;2<081,&,3,2&(162'(
< 7$%/$
',675,%8&,Ï1 325&(178$/ '( /$ 32%/$&,Ï1 2&83$'$ '( $f26 <
0È6325È5($'(5(6,'(1&,$<6,78$&,Ï12&83$&,21$/6(*Ò16(;2
<081,&,3,2&(162 7$%/$
',675,%8&,Ï1 325&(178$/ '( /$ 32%/$&,Ï1 2&83$'$ '( $f26 <
0È6325/8*$5'(75$%$-26(*Ò1081,&,3,2&(162 7$%/$
9,9,(1'$6 3$57,&8/$5(6 2&83$'$6 32%/$&,Ï1 < 3520(',2 '(
3(5621$6 325 9,9,(1'$ 6(*Ò1 '(3$57$0(172 5(*,Ï1 $87Ï120$
&(162'(< 7$%/$
9,9,(1'$6 3$57,&8/$5(6 2&83$'$6 32%/$&,Ï1 < 3520(',2 '(
3(5621$6 325 9,9,(1'$ 6(*Ò1 È5($ '( 5(6,'(1&,$ < 081,&,3,2
&(162'(< 7$%/$
',675,%8&,Ï1325&(178$/'(/$69,9,(1'$63$57,&8/$5(62&83$'$6
3257,32'(9,9,(1'$6(*Ò1&(162<081,&,3,2 7$%/$
',675,%8&,Ï1325&(178$/'(/$69,9,(1'$63$57,&8/$5(62&83$'$6
3257,32'(7(1(1&,$6(*Ò1&(162<081,&,3,2 7$%/$
',675,%8&,Ï1325&(178$/'(/$69,9,(1'$63$57,&8/$5(62&83$'$6
325$%$67(&,0,(172'($*8$6(*Ò1&(162<081,&,3,2 7$%/$
',675,%8&,Ï1325&(178$/'(/$69,9,(1'$63$57,&8/$5(62&83$'$6
3257,32'($/80%5$'26(*Ò1&(162<081,&,3,2 7$%/$
',675,%8&,Ï1325&(178$/'(/$69,9,(1'$63$57,&8/$5(62&83$'$6
325 7,32 '( $/80%5$'2 6(*Ò1 È5($ '( 5(6,'(1&,$ < 081,&,3,2
&(162 7$%/$
',675,%8&,Ï1325&(178$/'(/$69,9,(1'$63$57,&8/$5(62&83$'$6
325 1Ò0(52 '( +2*$5(6 727$/ '( +2*$5(6 < 3520(',2 '(
+2*$5(6 325 9,9,(1'$ 6(*Ò1 '(3$57$0(172 5(*,Ï1 $87Ï120$
&(162 7$%/$
',675,%8&,Ï1325&(178$/'(/$69,9,(1'$63$57,&8/$5(62&83$'$6
325 1Ò0(52 '( +2*$5(6 727$/ '( +2*$5(6 < 3520(',2 '(
+2*$5(6 325 9,9,(1'$ 6(*Ò1 È5($ '( 5(6,'(1&,$ < 081,&,3,2
&(162 7$%/$
+2*$5(6 (1 9,9,(1'$6 3$57,&8/$5(6 2&83$'$6 325 7,32 '(
6(59,&,2 +,*,e1,&2 6(*Ò1 È5($ '( 5(6,'(1&,$ < 081,&,3,2 &(162
7$%/$
+2*$5(6 (1 9,9,(1'$6 3$57,&8/$5(6 2&83$'$6 325 )250$ '(
(/,0,1$5 /$ %$685$ 6(*Ò1 È5($ '( 5(6,'(1&,$ < 081,&,3,2 &(162
7$%/$
+2*$5(6 (1 9,9,(1'$6 3$57,&8/$5(6 2&83$'$6 325 &20%867,%/(
86$'23$5$&2&,1$56(*Ò1È5($'(5(6,'(1&,$<081,&,3,2&(162
Ë1',&('(*5È),&26
*5È),&2 3,5È0,'(6'(32%/$&,Ï1'(3$57$0(172'(0$1$*8$&(162'(
< *5È),&2 325&(17$-( '( 32%/$&,21 85%$1$ '( &$'$ 081,&,3,2
'(3$57$0(172'(0$1$*8$&(162'(< *5È),&2 7$6$'()(&81','$'325('$''(3$57$0(172'(0$1$*8$&(1626
'(< *5È),&2 7$6$ '( 0257$/,'$' ,1)$17,/ '(3$57$0(172 '( 0$1$*8$ &(1626
'(< *5È),&2 32%/$&,Ï1 (&21Ï0,&$0(17( $&7,9$ ( ,1$&7,9$ 325 081,&,3,2
'(3$57$0(172'(0$1$*8$&(162 Ë1',&('(&8$'526$1(;26
&8$'52 32%/$&,Ï13256(;26(*Ò1*58326'(('$'&(162'(< &8$'52 32%/$&,Ï1 $1$/)$%(7$ '( $f26 < 0È6 325 È5($ '( 5(6,'(1&,$
6(*Ò16(;2<081,&,3,2&(162'(< &8$'52 32%/$&,Ï1 '( $ $f26 325 $6,67(1&,$ (6&2/$5 < $5($ '(
5(6,'(1&,$6(*Ò16(;2<081,&,3,2&(162'(< &8$'52 32%/$&,Ï1 )(0(1,1$ '( $f26 < 0È6 325 È5($ '( 5(6,'(1&,$
'(&/$5$&,Ï1 '( +,-26 7(1,'26 1$&,'26 9,926 1Ò0(52 '( +,-26
1$&,'269,926(+,-2662%5(9,9,(17(66(*Ò1&(162<081,&,3,2 &8$'52 ,1',&$'25(6 35(6(17$'26 (1 (/ $7/$6 62&,2'(02*5È),&2 6(*Ò1
'(3$57$0(1725(*,Ï1$87Ï120$&(162 &8$'52 ,1',&$'25(6 35(6(17$'26 (1 (/ $7/$6 62&,2'(02*5È),&2 6(*Ò1
'(3$57$0(1725(*,Ï1$87Ï120$<081,&,3,2&(162 &8$'52 7$6$'(0257$/,'$',1)$17,/ 70, 7$6$*/2%$/'()(&81','$' 7*) 5(/$&,Ï1 '( 0$6&8/,1,'$' 50 5(/$&,21 '( '(3(1'(1&,$ '( /$
('$' 5'( < 325&(17$-( '( $1$/)$%(7,602 '( /$ 32%/$&,Ï1 '( $f26 < 0È6 25'(1$'26 '( 0(125 $ 0$<25 9$/25 '(/ ,1',&$'25
6(*Ò1081,&,3,2&(162 &8$'52 '(16,'$' '( 32%/$&,Ï1 325&(17$-( 85%$12 325&(17$-( '( /8=
(/(&75,&$ < 325&(17$-( '( 78%(5Ë$ '(1752 '( /$ 9,9,(1'$
25'(1$'26 '( 0$<25 $ 0(125 9$/25 '(/ ,1',&$'25 6(*Ò1
081,&,3,2&(162 &8$'52 (67,0$&,21(6 '( 32%/$&,Ï1 727$/ 325 $f2 &$/(1'$5,2 6(*Ò1'(3$57$0(1725(*,Ï1$87Ï120$<081,&,3,2 ),&+$*(2*5È),&$<&(16$/
),&+$*(2*5È),&$
'HSDUWDPHQWR 8ELFDFLyQ
/tPLWHV 0DQDJXD
1LFDUDJXD$PpULFD&HQWUDO
$O1RUWHFRQ/HyQ\0DWDJDOSD
$O6XUFRQHO2FpDQR3DFtILFR\&DUD]R
$O(VWHFRQ%RDFR*UDQDGD\0DVD\D
$O2HVWHFRQ/HyQ
&DEHFHUDGHSDUWDPHQWDO
'LYLVLyQSROtWLFD
DGPLQLVWUDWLYD 6XSHUILFLHWRWDO $OWXUDGHODFDEHFHUD 3RVLFLyQJHRJUiILFD
0DQDJXD &DSLWDOGHOD5HS~EOLFD PXQLFLSLRV
NP
PVQP
ž \ž /DWLWXG1RUWHž \ž /RQJLWXG2HVWH
),&+$&(16$/
7LSRGHFHQVR )HFKDGHUHIHUHQFLD
3REODFLyQFHQVDGD
9LYLHQGDVFHQVDGDV
9LYLHQGDVRFXSDGDV
+RJDUHVFHQVDGRV
3URPHGLRSHUVRQDVSRUYLYLHQGD
3URPHGLRSHUVRQDVSRUKRJDU 3HUVRQDOGHODHVWUXFWXUDFHQVDO
'H-XUHRGH'HUHFKR
GHPD\RGHMXQLRGH
SHUVRQDVHQHOGHSDUWDPHQWR
9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD
,1,'(
%5(9(5(6(f$+,67Ï5,&$'(/'(3$57$0(172'(0$1$*8$
0DQDJXD HV XQ YRFDEOR TXH WLHQH YDULDV LQWHUSUHWDFLRQHV VLPLODUHV OXJDU TXH WLHQH GRQGH KD\ UHSUHVD R GRQGH KD\ XQD H[WHQVLyQ GH DJXD R HVWDQTXH R ELHQ DJXD JUDQGH HQFHUUDGD HUD XQD
SHTXHxDSOD]D LQGtJHQD DQWHVGH OD OOHJDGD GH ORVHVSDxROHV7UHV VLJORVGHVSXpV SRU VX OHDOWDG D OD
&RURQD (VSDxROD IXH HOHYDGD D YLOOD (Q HVH PLVPR VLJOR ;,; OD HOHYDURQ D FLXGDG FDSLWDO \
GHSDUWDPHQWR
(O'HSDUWDPHQWRIXHFUHDGRHQHO$xRSHURVXLPSRUWDQFLDDXPHQWyGHVGHHO$xRFXDQGROD
FLXGDGGH0DQDJXDIXHGHFODUDGD&DSLWDOGHOD5HS~EOLFDGH1LFDUDJXD
(OKLVWRULDGRU$GROIR'tD]/DFD\R UHODWDTXH0DQDJXDSDVyGHVHUXQDSOD]DLQGtJHQDDYLOODGHYLOODD
FLXGDGGHFLXGDGDFDSLWDO\GHFDSLWDODGHSDUWDPHQWR DOJRFRQWUDGLFWRULR $FODUDTXHHQHO'HFUHWR
GHO GH IHEUHUR GH QR VH PHQFLRQy TXH 0DQDJXD VHUtD OD FDSLWDO VLQR TXH OD VHGH GHO 3RGHU
(MHFXWLYR(QWRQFHVSRUOyJLFDHVTXHVHDVXPLyTXH0DQDJXDHUDODFDSLWDO
1LFDUDJXDSUiFWLFDPHQWHHVWXYRHQFRQVWDQWH*XHUUD&LYLOGHVGHGHVGH HQWRQFHVKDVWDVH
YLYLy HQ GLIHUHQFLDV SROtWLFDV HQWUH ORV JUDQDGLQRV \ ORV OHRQHVHV 'H HVD PDQHUD 0DQDJXD VH YLQR
JDQDQGRSRFR D SRFR ODDXWRULGDGPRUDO SROtWLFD VRFLDO\FRPHUFLDO SDUD LUFUHFLHQGR FRPRGH KHFKR
VXFHGLy
&RPR0DQDJXDHVWDEDXELFDGDHQWUH*UDQDGD\/HyQFLXGDGHVTXHYLYtDQHQFRQVWDQWHVUHEHOLRQHVGH
ODpSRFDSURYRFyTXHODJHQWHTXHLEDHQVRQGHSD]RHQVRQGHJXHUUDSDVDUDQREOLJDGDPHQWHSRU
0DQDJXD GH PDQHUD IRU]RVD'H HVD PDQHUD 0DQDJXD VH FRQYLUWLy HQ XQ WHUUHQR QHXWUDO (VR OH KL]R
JDQDUVH VX SURSLR FUHFLPLHQWR UHVSHWR \ DXWRULGDG )XH HQ HVD pSRFD TXH VH WUDWy QXHYDPHQWH GH OD
ILMDFLyQ GH XQD FLXGDGHVWDEOH SDUD UHVLGHQFLD GH ORV6XSUHPRV3RGHUHV \ SDUD SRQHUOH ILQ D OD SXJQD
HQWUH*UDQDGD\/HyQHOVHxRU(QFDUJDGRGHOD'LUHFFLyQ6XSUHPDGRQ)XOJHQFLR9HJDGLRHOFpOHEUH\
IDPRVR'HFUHWRGHOGH)HEUHURGHSRUPHGLRGHOFXDOVHVHxDODEDILMDODFLXGDGGH0DQDJXD
FRPROD~QLFDFDSLWDOGHOD5HS~EOLFD
³)XH GXUDQWH ORV JRELHUQRV GHO *HQHUDO 7RPiV 0DUWtQH] *XHUUHUR TXH VH FRQVROLGy 0DQDJXD FRPR
FDSLWDO VLQ HPEDUJR VLJXLy SHUWHQHFLHQGR DO GHSDUWDPHQWR GH *UDQDGD HV KDVWD HO GH IHEUHUR GH
TXH HV HULJLGD HQ 'HSDUWDPHQWR GXUDQWH HO JRELHUQR GHO SUHVLGHQWH 3HGUR -RDTXtQ &KDPRUUR
$OIDUR 6HJ~Q OD JHRJUDItD GH 6RQQHQVWHUQ IRUPDEDQ SDUWH GHO GHSDUWDPHQWR 0DQDJXD OD YLOOD GH
7LSLWDSD ORV SXHEORV GH 6DQ 5DIDHO GHO 6XU \ 0DWHDUH ORV YDOOHV GH 7HOSRFKDSD 6DQ %HQLWR /DXUHO
*DOiQ 6DQ )UDQFLVFR GHO &DUQLFHUR 6DPEUDQR 7DEDFDO -LTXLOLWH -RFRWH 'XOFH 0HVDV &DQRDV
7DPDULQGR6DEDQD*UDQGH6DQWR'RPLQJR6DQ$QGUpV6DQ&D\HWDQR6DQ3DEOR6LWDODSD\PXFKDV
YLYLHQGDVHQODVVLHUUDVGH0DQDJXD´
7H[WRH[WUDtGRGHHQWUHYLVWDTXHHOGLDULR/D3UHQVDUHDOL]DUDDOKLVWRULDGRU$GROIR'tD]/DFD\RHQVXHGLFLyQGHOGtDGH(QHUR
GH
(VWHSiUUDIRIXHH[WUDtGRGHODHGLFLyQGHOGLDULR(O1XHYR'LDULRGHVXHGLFLyQGHOGH)HEUHURGH
&DUDFWHUL]DFLyQ6RFLRGHPRJUiILFDGHO'HSDUWDPHQWRGH0DQDJXD
9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD
,1,'(
&$3Ë78/2
&(162'(32%/$&,Ï1
&DUDFWHUtVWLFDV6RFLRGHPRJUiILFDV
/D LQIRUPDFLyQ REWHQLGD GH ODV YDULDEOHV FHQVDOHV XWLOL]DGDV HQ OD UHFROHFFLyQ GH GDWRV HV HPSOHDGD
SDUD HVWXGLDU ODV SULQFLSDOHV FDUDFWHUtVWLFDV GHPRJUiILFDV GH OD SREODFLyQ ODV FXDOHV SHUPLWHQ H[SOLFDU
KDVWDFLHUWRJUDGRHOFRPSRUWDPLHQWRGHPRJUiILFR\VRFLDOGHODPLVPD
&RPRSDUWHGHOREMHWLYRFHQVDOVHEULQGDQDVSHFWRVUHODFLRQDGRVFRQHOWDPDxRGHODSREODFLyQDFWXDO
GHO GHSDUWDPHQWR GH 0DQDJXD \ VXV PXQLFLSLRV iUHD GH UHVLGHQFLD XUEDQRUXUDO VX FRPSRVLFLyQ SRU
VH[R \ HGDG UHOLJLyQ TXH SURIHVDQ ODV SHUVRQDV HVWDGR FRQ\XJDO DFWXDO SREODFLyQ SHUWHQHFLHQWH D
SXHEORVLQGtJHQDVRFRPXQLGDGHVpWQLFDV\VXGLVWULEXFLyQPRYLPLHQWRVPLJUDWRULRVLQWHUQRVGHWRGDOD
YLGD \ D OD UHVLGHQFLD DQWHULRU &DGD XQD GH HVWDV FDUDFWHUtVWLFDV FRPSDUDGDV HQ HO WLHPSR FRQ
LQIRUPDFLyQREWHQLGDFRQHOFHQVRGH
3REODFLyQWRWDO
/RV FHQVRV GH SREODFLyQ FRQVWLWX\HQ OD SULQFLSDO IXHQWH GH LQIRUPDFLyQ SDUD FRQRFHU OD HYROXFLyQ GHO
YROXPHQ \ WDPDxR GH OD SREODFLyQ /RV GDWRV FRPSDUDWLYRV GHO FHQVR GH \ GH OD 7DEOD LOXVWUDQODWUD\HFWRULDVRFLRGHPRJUiILFDGHODSREODFLyQDORODUJRGHORV~OWLPRVDxRV
(QHO~OWLPRFHQVRVHFRQWDELOL]DURQSHUVRQDVFUHFLHQGRHQXQSRUFLHQWRGHDFXHUGRDO
FHQVRGH/DWDVDGHFUHFLPLHQWRLQWHUFHQVDOVHVLW~DHQHORUGHQGHSRUFLHQWRDQXDOLQGLFDWLYR
GHXQFUHFLPLHQWRPHQRVDFHOHUDGRTXHHQODVGpFDGDVDQWHULRUHV(QHOGHSDUWDPHQWRGH0DQDJXDVH
FRQWDELOL]DQSHUVRQDVSUHVHQWDQGRXQDWDVDGHSRUFLHQWRVLHQGRpVWDLQIHULRUDOSURPHGLR
QDFLRQDO
2UGHQGHSULPDFtDGHORVGHSDUWDPHQWRV\WDVDGHFUHFLPLHQWR
6HJ~Q ORV GDWRV FHQVDOHV OD PDJQLWXG GH ORV FDPELRV RFXUULGRV HQ ORV GHSDUWDPHQWRV GH DFXHUGR DO
FUHFLPLHQWRGHODSREODFLyQHQORV~OWLPRVGLH]DxRVSHUILODQDGHPiVXQQXHYRSURFHVRGHUHGLVWULEXFLyQ
HVSDFLDO\FRQFHQWUDFLyQGHODSREODFLyQTXHWLHQHVXVSURSLDVFDUDFWHUtVWLFDV/D7DEODPXHVWUDTXH
ODVGLYLVLRQHVDGPLQLVWUDWLYDVSUHVHQWDQFRPSRUWDPLHQWRVKHWHURJpQHRVGHDFXHUGRDORUGHQGHSULPDFtD
GHPD\RUDPHQRUSREODFLyQ \DODWDVDGHFUHFLPLHQWRLQWHUFHQVDO
/RVSULPHURVFXDWURGHSDUWDPHQWRVVLJXHQPDQWHQLHQGRVXRUGHQGHSULPDFtDVLHQGR0DQDJXDVLHPSUH
HO GHO SULPHU OXJDU DXQTXH SLHUGH XQ SRFR GH SHVR FRQ UHVSHFWR D OR PLVPR TXH /HyQ \
&KLQDQGHJDPLHQWUDVTXH0DWDJDOSDJDQDHQSRUFHQWDMH
/D5$$6SLHUGHGRVHVFDODIRQHV\OHFHGHHOTXLQWROXJDUD-LQRWHJDOD5$$1VHXELFDHQHOVH[WR
OXJDU (VWHOt 0DVD\D \ &KRQWDOHV EDMDQ XQ SHOGDxR UHVSHFWLYDPHQWH PLHQWUDV TXH 1XHYD 6HJRYLD VH
XELFDHQHOQRYHQROXJDUHQHORUGHQGHSULPDFtDTXLWiQGROHHVHOXJDUD(VWHOt5LYDVVHSRVHVLRQDGHO
OXJDUJDQDQGRXQSHOGDxRHOUHVWRGHGHSDUWDPHQWRVFRQVHUYDQODPLVPDSRVLFLyQGH
(VWHSURFHVRHVDFRPSDxDGRGHOULWPRGHFUHFLPLHQWRTXHKDH[SHULPHQWDGRODSREODFLyQH[SUHVDGRHQ
VXWDVDGHFUHFLPLHQWRDQXDODSDUWLUGHORVGRVFHQVRV$VtVHREWLHQHTXHOD5HJLyQ$XWyQRPD$WOiQWLFR
1RUWHFUHFLyDFHOHUDGDPHQWHDXQULWPRGHOSRUFLHQWRDQXDO VXSREODFLyQDXPHQWyXQSRFRPiVGH
SRU HO FRQWUDULR OD 5HJLyQ $XWyQRPD $WOiQWLFR 6XU VyOR FUHFLy SRU FLHQWR 5tR 6DQ -XDQ \
-LQRWHJDWDPELpQFUHFLHURQUiSLGDPHQWHDPERVFRQXQDWDVDGHSRUFLHQWR(QHORUGHQGHWDVDVGH
FUHFLPLHQWRGHDSRUFLHQWRFUHFLHURQ0DWDJDOSD0DGUL]\1XHYD6HJRYLD$XQULWPRPiVOHQWR
1RVHUHILHUHDOtQGLFHGHSULPDFtDVyORVHFRPSDUDQORVYRO~PHQHVGHSREODFLyQGHXQFHQVRFRQUHVSHFWRDODQWHULRU
&DUDFWHUL]DFLyQ6RFLRGHPRJUiILFDGHO'HSDUWDPHQWRGH0DQDJXD
,1,'(
9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD
$XQTXHORVSRUFHQWDMHVGHOGHSDUWDPHQWRPXHVWUDQXQPD\RUSHVRGHFDVDGRVTXHGHXQLGRV HVWRVH
GHEHDOFRPSRUWDPLHQWRGHOPXQLFLSLRGH0DQDJXD\HQPHQRUPHGLGDHOGH7LFXDQWHSH HQODPD\RUtD
GH ORV PXQLFLSLRV ODV SDUHMDV XQLGDV R MXQWDGDV SUHYDOHFHQ VREUH ODV SDUHMDV FDVDGDV 4XHGD HQ
HYLGHQFLDTXHORVSRUFHQWDMHVGHOGHSDUWDPHQWRHVWiQLQIOXHQFLDGRVSRUHOSHVRTXHWLHQHHOPXQLFLSLRGH
0DQDJXDHQHVWD\RWUDVFDUDFWHUtVWLFDVLQYHVWLJDGDV
7DPELpQ KD\ DVSHFWRV TXH FRQGLFLRQDQ HO FRPSRUWDPLHQWR GHO HVWDGR FRQ\XJDO HQ JHQHUDO OD XQLyQ
WLHQHPD\RUVLJQLILFDFLyQHQORVPXQLFLSLRVFRQPD\RUSREODFLyQUXUDOHQHVWHFRQWH[WRODVXQLRQHV\D~Q
ORV PLVPRV FDVDPLHQWRV VH GDQ D XQD HGDG PiV WHPSUDQD HVWR LPSOLFD TXH HQ HVWRV iPELWRV VH
SUHVHQWHQPHQRVSRUFHQWDMHVGHSHUVRQDVVROWHUDVHQIRUPDJHQHUDOGDGRTXHFDGDPXQLFLSLRSUHVHQWD
SDUWLFXODULGDGHVTXHORGLVWLQJXHQGHOUHVWR
$VtSRUHMHPSORSRUFHQWDMHVHOHYDGRVGHSHUVRQDVXQLGDVRMXQWDGDVVHWLHQHQHQ6DQ)UDQFLVFR/LEUH
\ 9LOOD (O &DUPHQ PXQLFLSLRV FRQ PD\RU SREODFLyQ UXUDO \ HV HQ 0DQDJXD GRQGH VH
SUHVHQWD HO SRUFHQWDMH PHQRU VLQ HPEDUJR HO VHJXQGR YDORU PiV HOHYDGR OH FRUUHVSRQGH D
0DWHDUH TXH HV XQ PXQLFLSLR TXH KD H[SHULPHQWDGR XQD UiSLGD XUEDQL]DFLyQ &RQ SRUFHQWDMH
PHQRU VLJXLHQGR D 0DQDJXD HVWi 7LFXDQWHSH RWUR PXQLFLSLR SUHGRPLQDQWHPHQWH UXUDO (O
&UXFHURWDPELpQUHIOHMDXQSRUFHQWDMHHOHYDGRGHXQLRQHV HVMXQWRFRQ6DQ)UDQFLVFR/LEUHORV
PXQLFLSLRVFRQORVYDORUHVLQIHULRUHVHQFXDQWRDSHUVRQDVFDVDGDV \UHVSHFWLYDPHQWH PLHQWUDVTXHHQHVWDFDWHJRUtDHOSRUFHQWDMHPD\RUOHFRUUHVSRQGHD7LFXDQWHSH $OJR PiV GH OD WHUFHUD SDUWH GH OD SREODFLyQ GH DxRV \ PiV GHO GHSDUWDPHQWR VH GHFODUD FRPR
VROWHUD ORV SRUFHQWDMHV PiV EDMRV VH WLHQHQ HQ 6DQ 5DIDHO GHO 6XU \ 0DWHDUH DOFDQ]DQGRHOYDORUPi[LPRHQ0DQDJXD /D VHSDUDFLyQ GH ODV SDUHMDV WLHQH PXFKD PD\RU LPSRUWDQFLD TXH HO GLYRUFLR \ KD\ GLIHUHQFLDV
VLJQLILFDWLYDVHQORVPXQLFLSLRVFRQUHVSHFWRDHVWDVFDWHJRUtDV0LHQWUDVTXHVyORXQSRUFLHQWRGH
ODV SHUVRQDV VH GHFODUDURQ FRPR VHSDUDGDV HQ 6DQ )UDQFLVFR /LEUH DOFDQ]DQ DO SRU FLHQWR HQ
&LXGDG 6DQGLQR (O SRUFHQWDMH GH SHUVRQDV VHSDUDGDV HQ 9LOOD (O &DUPHQ HV EDMR HQ HVWH
PXQLFLSLRMXQWRFRQ6DQ)UDQFLVFR/LEUHODFDWHJRUtDGHGLYRUFLDGRVSUHVHQWDORVYDORUHVLQIHULRUHV \UHVSHFWLYDPHQWH HQHVWDFDWHJRUtD0DQDJXDWLHQHHOYDORUPiVHOHYDGR 3RUVXODGROD
YLXGH]UHIOHMDEDMDGLVSHUVLyQGHVGHSRUFLHQWRHQ0DWHDUHKDVWDHOSRUFLHQWRHQ6DQ5DIDHOGHO
6XU
/DV GLVWULEXFLRQHV SRUFHQWXDOHV GHO HVWDGR FRQ\XJDO YLVWDV HQ KRPEUHV \ PXMHUHV PXHVWUDQ GLIHUHQWH
FRPSRUWDPLHQWRDXQTXHVHHVSHUDTXHORVXQLGRV DV \FDVDGRV DV WHQJDQSRUFHQWDMHVSDUHFLGRV6H
REVHUYD TXH KD\ PXQLFLSLRV FRQ GLIHUHQFLDV LPSRUWDQWHV HQ DOJXQRV FDVRV ORV KRPEUHV XQLGRV \
FDVDGRV SUHVHQWDQ PD\RUHV SRUFHQWDMHV TXH ODV PXMHUHV HQ HVWDV FRQGLFLRQHV SDUWLFXODUPHQWH HQ
&LXGDG6DQGLQR\0DQDJXD\HQPHQRUPHGLGDHQ7LSLWDSD0DWHDUH\7LFXDQWHSH (QRWURVPXQLFLSLRV
HO SRUFHQWDMH PiV HOHYDGR OR WLHQHQ ODV PXMHUHV XQLGDV \ FDVDGDV GHVWDFDQGR 6DQ )UDQFLVFR /LEUH
\UHVSHFWLYDPHQWH\HQORVKRPEUHVHO\ FRQGLIHUHQFLDVPHQRUHVVHWLHQH
D9LOOD(O&DUPHQ
+D\GLIHUHQWHVIDFWRUHVTXHLQWHUYLHQHQHQODVGRVVLWXDFLRQHVDQWHULRUHVHVSRVLEOHTXHHQODSULPHUD
XQ FRQMXQWR GH KRPEUHV HVWpQ XQLGRV R FDVDGRV FRQ PXMHUHV PHQRUHV GH DxRV HQ OD VHJXQGD
VLWXDFLyQHVSUREDEOHTXHXQFRQMXQWRGHKRPEUHVFDVDGRVRXQLGRVKD\DQHPLJUDGRWDPELpQMXHJDOD
FLUFXQVWDQFLD GH OD GHFODUDFLyQ GHO HVWDGR FRQ\XJDO KRPEUHV XQLGRV FRQ\XJDOPHQWH TXH VH GHFODUDQ
FRPRVROWHURV HQ0DQDJXDVHWLHQHHOSRUFHQWDMHGHVROWHURVPiVHOHYDGR (O LQJUHVR GH ODV PXMHUHV D OD XQLyQ FRQ\XJDO \D VHD FRPR MXQWDGDV R FDVDGDV D XQD HGDG PiV
WHPSUDQDTXH ORVKRPEUHV KDFH TXH HO SRUFHQWDMH GH VROWHUDV VHD PiV EDMR TXH HO GH ORV VROWHURV \
HVWRVHSHUFLEHHQWRGRVORVPXQLFLSLRV2WUDVGLIHUHQFLDVDSUHFLDEOHVTXHGDQUHIOHMDGDVHQODVUHVWDQWHV
FDWHJRUtDV ORV SRUFHQWDMHV GH PXMHUHV VHSDUDGDV GLYRUFLDGDV \ XQLGDV VXSHUDQ FODUDPHQWH D ORV
,1,'(9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD³3REODFLyQ9ROXPHQ,&DUDFWHUtVWLFDV*HQHUDOHV´&XDGUR
&DUDFWHUL]DFLyQ6RFLRGHPRJUiILFDGHO'HSDUWDPHQWRGH0DQDJXD
9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD
,1,'(
KRPEUHV HQ HVWDV FRQGLFLRQHV VH H[SOLFD HVWH FRPSRUWDPLHQWR SRU HO KHFKR GH TXH ORV KRPEUHV
VHSDUDGRV\GLYRUFLDGRVYXHOYHQDODFRQGLFLyQGHXQLGRVRFDVDGRVHQXQDSURSRUFLyQPD\RUTXHHQHO
FDVRGHODVPXMHUHVDOJRVLPLODURFXUUHFRQODYLXGH]FRQHODJUHJDGRGHTXHSDUWHGHODGLIHUHQFLDHQWUH
YLXGRV \ YLXGDV VH UHODFLRQD FRQ OD PD\RU PRUWDOLGDG PDVFXOLQD FRQ UHVSHFWR D OD IHPHQLQD HO
SRUFHQWDMHGHYLXGRVDSHQDVVXSHUDHOGRVSRUFLHQWRHQ6DQ)UDQFLVFR/LEUH\HQ6DQ5DIDHOGHO6XU
PLHQWUDVTXHKD\YDULRVPXQLFLSLRVHQGRQGHHOSRUFHQWDMHGHYLXGDVHVDOUHGHGRUGHVHLV\FRQPiVGH
VHLVHQ9LOOD(O&DUPHQ\6DQ5DIDHOGHO6XU /XJDUGHQDFLPLHQWR\UHVLGHQFLDDQWHULRUGHODSREODFLyQ
/DPRYLOLGDGGHORVKDELWDQWHV FRPRFRPSRQHQWH GHOD GLQiPLFDSREODFLRQDOHV XQR GHORVWHPDVGH
LQWHUpV HQ HO HVWXGLR GH OD SREODFLyQ \D TXH OD PLJUDFLyQ LQWHUQD LQIOX\H HQ HO FUHFLPLHQWR R
GHFUHFLPLHQWR GH OD SREODFLyQ GH ODV GLIHUHQWHV GLYLVLRQHV DGPLQLVWUDWLYDV GHSDUWDPHQWRV UHJLRQHV
DXWyQRPDV\PXQLFLSLRV iUHDVGHUHVLGHQFLD\UHJLRQHVJHRJUiILFDVTXHFRQIRUPDQXQSDtV
(QORVFHQVRVQDFLRQDOHVGHSREODFLyQVHLQYHVWLJDORVPRYLPLHQWRVHVSDFLDOHVDQLYHOPXQLFLSDODSDUWLU
GH VX OXJDU GH QDFLPLHQWR \ GHO OXJDU GH UHVLGHQFLD DxRV DQWHV GH OD UHDOL]DFLyQ GHO FHQVR FRQ
UHVSHFWR D OD UHVLGHQFLD DFWXDO DO PRPHQWR GHO FHQVR FRQ ODV UHVSXHVWDVD HVWDV SUHJXQWDV VH WLHQH
FRQRFLPLHQWR GH ORV PRYLPLHQWRV PLJUDWRULRV GH WRGD OD YLGD D SDUWLU GHO OXJDU GH QDFLPLHQWR \ ORV
PRYLPLHQWRVPiVFHUFDQRVHQHOWLHPSR OXJDUGHUHVLGHQFLDFLQFRDxRVDQWHVGHOFHQVR /XJDUGHQDFLPLHQWR
/DSUHJXQWDVREUHHOOXJDUGHQDFLPLHQWRSHUPLWHFRQRFHUHOWRWDOGHSHUVRQDVTXHYLYHQHQVXPXQLFLSLR
GHQDFLPLHQWR QRPLJUDQWHV DVtFRPRDTXHOORVTXHUHVLGHQHQXQPXQLFLSLRGLIHUHQWHDOPXQLFLSLRHQ
TXH QDFLHURQ PLJUDQWHV /D 7DEOD PXHVWUD LQIRUPDFLyQ FRUUHVSRQGLHQWH D HVWH WHPD HQ HO FHQVR
(V GH LPSRUWDQFLD SDUD ORV DFWRUHV VRFLDOHV FRQRFHU ORV IDFWRUHV TXH FRQGLFLRQDQ HO SDWUyQ GH
FRPSRUWDPLHQWRTXHSUHVHQWDODPLJUDFLyQLQWHUQDHQFDGDXQDGHODVGLYLVLRQHVDGPLQLVWUDWLYDVSDUDOR
FXDOVHUHTXLHUHGHHVWXGLRVPiVHVSHFtILFRVVREUHHOWHPD
/RV PRYLPLHQWRV SREODFLRQDOHV FDXVDQ PRGLILFDFLRQHV DGHPiV GHO YROXPHQ GH OD SREODFLyQ HQ OD
HVWUXFWXUD VRFLDO WDQWR GHO PXQLFLSLR D GRQGH PLJUDQ FRPR GHO OXJDU GH RULJHQ 0RGLILFDQ LQFOXVR OD
GLVSRQLELOLGDG GH VHUYLFLRV GH VDOXG HGXFDFLyQ HPSOHR UHFUHDFLyQ VHUYLFLRV HQ OD YLYLHQGD
DOFDQWDULOODGR DJXD SRWDEOH HOHFWULFLGDG HQWUH RWURV 5LQFyQ \ )DMDUGR VHxDODQ TXH ³/RV IDFWRUHV
HFRQyPLFRVRFLDOHVHVWiQOLJDGRVDUDVJRVSHUVRQDOHVFRPRODHGDGGHORVLQGLYLGXRVSHURWDPELpQD
ODVFDUDFWHUtVWLFDVGHOJUXSRIDPLOLDUFRPRVXWDPDxRHOQLYHOPHGLRGHHGXFDFLyQGHVXVPLHPEURVORV
LQJUHVRVIDPLOLDUHV\DODVGLIHUHQFLDVHVWUXFWXUDOHVHQODVFRQGLFLRQHVGHYLGDTXHSUHYDOHFHQHQFDGD
XQDGHODVUHJLRQHV´DGHPiVGHODVFRQVLGHUDFLRQHVUHODWLYDVDJpQHUR
(O PXQLFLSLR GH 0DQDJXD SRU VHU GRQGH VH ORFDOL]D OD FLXGDG FDSLWDO WLHQH XQ FRPSRUWDPLHQWR
H[FHSFLRQDODOHVWXGLDUODVPLJUDFLRQHVLQWHUQDVFRQVWLWX\HQGRXQDWUDFWLYRSDUDORVPLJUDQWHVLQWHUQRV
GH RWURV GHSDUWDPHQWRV R UHJLRQHV \D TXH OD TXLQWD SDUWH GH VX SREODFLyQ QDFLy HQ RWUR
GHSDUWDPHQWRRUHJLyQDXWyQRPDGHOSDtV XQGHORVLQPLJUDQWHVLQWHUQRVSURYLHQHQGHPXQLFLSLRV
GH RWURV GHSDUWDPHQWRV R UHJLRQHV DXWyQRPDV HO VHLV SRU FLHQWR UHVWDQWH HV HO DSRUWH GH ORV GHPiV
PXQLFLSLRV GHO GHSDUWDPHQWR GH 0DQDJXD (VWR JHQHUD PD\RU SUHVLyQ HQ OD GHPDQGD GH VHUYLFLRV H
LQIUDHVWUXFWXUDVRFLDO\ODQHFHVLGDGGHGHVWLQDUPD\RUHVUHFXUVRVSDUDVROYHQWDUHVWDGHPDQGDSURGXFWR
GHODVFRUULHQWHVPLJUDWRULDV
$XQTXHHQWpUPLQRVDEVROXWRVHOPXQLFLSLRGH0DQDJXDFDSWDPD\RUSREODFLyQTXHKDPLJUDGRGHVX
PXQLFLSLR GH QDFLPLHQWR HQ WpUPLQRV UHODWLYRV HVWR HV GH DFXHUGR DO WDPDxR GH VXV UHVSHFWLYDV
SREODFLRQHV HV HQ ORV PXQLFLSLRV GH 0DWHDUH \ &LXGDG 6DQGLQR GRQGH FHUFD GH OD PLWDG GH VXV
KDELWDQWHVQDFLHURQHQRWURVPXQLFLSLRV \UHVSHFWLYDPHQWH DOUHGHGRUGHOSRUFLHQWRHQ
7LSLWDSD7LFXDQWHSH\(O&UXFHURUHFLELHQGRWRGRVORVPXQLFLSLRVDQWHULRUHVXQDFRQWULEXFLyQLPSRUWDQWH
HQVXVSREODFLRQHVDFDXVDGHODLQPLJUDFLyQ(VWRVPXQLFLSLRVSUHVHQWDQFRQGLFLRQDPLHQWRVGHRUGHQ
5LQFyQ0DQXHO\)DMDUGR0L\HUODQGL0LJUDFLyQ,QWHUQDH,QWHUQDFLRQDO7HRUtDGDWRV\PpWRGRVGHDQiOLVLV%RJRWi&RORPELD
&DUDFWHUL]DFLyQ6RFLRGHPRJUiILFDGHO'HSDUWDPHQWRGH0DQDJXD
,1,'(
9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD
0RPHQWR
&HQVDO
1DFLPLHQWRV )DFWRUGH
DxRDQWHULRU FRUUHFFLyQ
1DFLPLHQWRV
HVWLPDGRV
(OUHVXOWDGRSULQFLSDOGHOHMHUFLFLRDQWHULRUHVSRQHUHQHYLGHQFLDTXHHOGHVFHQVRTXHKDH[SHULPHQWDGR
OD IHFXQGLGDG HQ HO SHUtRGR LQWHUFHQVDO WLHQH FRPR FRQVHFXHQFLD XQ Q~PHUR PHQRU GH QDFLPLHQWRV
DQXDOHVHQODDFWXDOLGDGFRQUHVSHFWRDDxRVDQWHULRUHV
/DV SLUiPLGHV SREODFLRQDOHV SRQHQ HQ HYLGHQFLD HVWH KHFKR HQ ORV PHQRUHV GH DxRV
UHSUHVHQWDEDQHOSRUFLHQWRGHWRGDODSREODFLyQHQHOHOSHVRGHHVWDSREODFLyQVHUHGXMRHQ
VHLVSXQWRVSRUFHQWXDO /DSDQRUiPLFDPXQLFLSDO YHU$QH[R&XDGUR PXHVWUDHOSURPHGLRGHKLMRVSRUPXMHUFRUUHVSRQGLHQWH
DO$FRQWLQXDFLyQVHUHSURGXFHQHVRVSURPHGLRVRUGHQDGRVGHPHQRUDPD\RUQLYHOWDPELpQVH
DJUHJD VLJXLHQGR ORV SURFHGLPLHQWRV DQWHULRUHV ORV QDFLPLHQWRV HVWLPDGRV HQ FDGD PXQLFLSLR \ VX
GLVWULEXFLyQSRUFHQWXDOHQHOWHUULWRULR
0XQLFLSLR
'SWR0DQDJXD
0DQDJXD
7LFXDQWHSH
6DQ5DIDHOGHO6XU
9LOOD(O&DUPHQ
(O&UXFHUR
7LSLWDSD
&LXGDG6DQGLQR
0DWHDUH
6DQ)UDQFLVFR/LEUH
7*)
1DFLPLHQWRV
HVWLPDGRV
7RWDO
6H REVHUYD TXH HO QLYHO GH OD IHFXQGLGDG HV EDVWDQWH KRPRJpQHR HQ YDULRV PXQLFLSLRV GHO
GHSDUWDPHQWR0DQDJXD7LFXDQWHSH6DQ5DIDHOGHO6XU9LOOD(O&DUPHQ\(O&UXFHURHOSURPHGLRHV
GH DOUHGHGRU GH ORV GRV KLMRV \ PHGLR XQ QLYHO OLJHUDPHQWH PD\RU VH SUHVHQWD HQ 7LSLWDSD \ &LXGDG
6DQGLQR \ODPD\RUIHFXQGLGDGODSUHVHQWDQ6DQ)UDQFLVFR/LEUH\0DWHDUHKLMRVSRUPXMHU
&DVL GRV WHUFHUDVSDUWHV GH ORV QDFLPLHQWRV DQXDOHV GHO GHSDUWDPHQWR VRQ DSRUWDGRV SRU ODV
PXMHUHV GHO PXQLFLSLR GH 0DQDJXD DJUHJDQGR 7LSLWDSD \ &LXGDG 6DQGLQR HVWRV WUHV
PXQLFLSLRV FRPSUHQGHQ FHUFD GHO SRU FLHQWR GH ORV QDFLPLHQWRV GHO GHSDUWDPHQWR 6DQ
5DIDHOGHO6XU\0DWHDUHDOUHGHGRUGHWUHVSRUFLHQWRFDGDXQR7LFXDQWHSH\9LOOD(O&DUPHQGRVSRU
FLHQWRFDGDXQR\ODPHQRUFRQWULEXFLyQDORVQDFLPLHQWRVDQXDOHVGHOGHSDUWDPHQWROHFRUUHVSRQGHD(O
&UXFHUR\D6DQ)UDQFLVFR/LEUH \UHVSHFWLYDPHQWH (O*UiILFRSUHVHQWDODVWDVDVGHIHFXQGLGDGSRUHGDGGHOGHSDUWDPHQWRWLHQHQXQFRPSRUWDPLHQWRPX\
UHJXODUVHWUDWDGHXQDHVWUXFWXUDGHODIHFXQGLGDGGHF~VSLGHWHPSUDQDHOYDORUPiVHOHYDGRVHWLHQH
HQ DxRV HQ OD FRPSDUDFLyQ GH ORV GRV FRQMXQWRV GH WDVDV VH HYLGHQFLD HO GHVFHQVR TXH KDQ
H[SHULPHQWDGRHQWUH\DVSHFWRTXHVHFRPSOHPHQWDFRQORVSRUFHQWDMHVGHUHGXFFLyQ ~OWLPD
FROXPQDGHOD7DEOD (QHVDFROXPQDVHREVHUYDHOGHVFHQVRVLJQLILFDWLYRGHODVWDVDVHQHOSHUtRGR
LQWHUFHQVDOODV UHGXFFLRQHV PiV LPSRUWDQWHVRFXUUHQ D SDUWLU GHORVDxRV GHODVPXMHUHV HQ
DxRVHOGHVFHQVRGHODWDVDIXHGHFDVLXQWHUFLRDXPHQWDQGRKDVWDXQSRFRPiVGHOSRUFLHQWRHQ
ORVDDxRV &DUDFWHUL]DFLyQ6RFLRGHPRJUiILFDGHO'HSDUWDPHQWRGH0DQDJXD
9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD
,1,'(
*HQHUDOPHQWH VH FRQVLGHUD TXH OD WDVD GH PRUWDOLGDG LQIDQWLO TXH VH HVWLPD D SDUWLU GH ORV GDWRV
REWHQLGRVGHODVPXMHUHVGHDxRVQRHVXQYDORUFRQILDEOHDXQTXHVHREVHUYDHQODWDEOD\HQHO
JUiILFR TXH WLHQH XQD PDJQLWXG TXH SXHGH UHVSRQGHU D OD UHDOLGDG HQ SDUWLFXODU HQ OD VHULH
FRUUHVSRQGLHQWHDO&XDQGRVHFXHQWDFRQIUHFXHQFLDVHOHYDGDV HQFXDQWRDOQ~PHURGHPXMHUHV
ORV KLMRV WHQLGRV \ ORV VREUHYLYLHQWHV FRPR HV HO FDVR GH ORV WRWDOHV GHSDUWDPHQWDOHV HVSHFLDOPHQWH
SDUD0DQDJXD FXDUWDSDUWHGHODSREODFLyQGHOSDtV VHXWLOL]DFRPRLQGLFDGRUGHODPRUWDOLGDGLQIDQWLO
HO FDOFXODGR FRQ OD LQIRUPDFLyQ DSRUWDGD SRU ODV PXMHUHV GH DxRV SRU OR WDQWR OD WDVD GH
PRUWDOLGDGLQIDQWLOGHOGHSDUWDPHQWRHVGHGHIXQFLRQHVGHPHQRUHVGHXQDxRSRUFDGDPLOQDFLGRV
YLYRVSDUDPHGLDGRVGHO7RPDQGRFRPRUHIHUHQFLD OD70,PiVDOHMDGD SRUPLOSDUDLQLFLRV
GH \ODLQGLFDGDGHSRUPLOODPRUWDOLGDGLQIDQWLOWXYRXQDGLVPLQXFLyQGHOSRUFLHQWRHQ
SRFRPiVGHGRVGpFDGDV
&RQWDQGRFRQHOQ~PHURHVWLPDGRGHQDFLPLHQWRVSDUDHODxRDQWHULRUGHULYDGRVGHDPERVFHQVRV\ORV
ULHVJRV GH PXHUWH D ORV FXDOHV DSUR[LPDGDPHQWH HVWiQ VXMHWRV HVRV QDFLPLHQWRV SRU PLO
REWHQLGRFRQORVGDWRVGHODVPXMHUHVGHDxRVHQ\DSDUWLUGHORVGDWRVGHO HV
SRVLEOHHVWLPDUDVXYH]HOQ~PHURGHGHIXQFLRQHVGHPHQRUHVGHXQDxRFRQHOVXSXHVWRGHTXHODV
WDVDVGHPRUWDOLGDG LQIDQWLO FDOFXODGDV SDUD PHGLDGRVGH \ PHGLDGRVGHO VLJXHQYLJHQWHV
SDUDHODxRDQWHULRUDFDGDXQRGHORVFHQVRVORVUHVXOWDGRVVRQORVVLJXLHQWHV
1DFLPLHQWRV 70,
HVWLPDGRV
&HQVR
&HQVR
'HIXQFLRQHVGH
PHQRUHVGHXQDxR
6H REVHUYD XQD GLVPLQXFLyQ VLJQLILFDWLYD GH ODV GHIXQFLRQHV GH QLxRV DV PHQRUHV GH XQ DxR DOJR
PD\RU DO SRU FLHQWR VH FRQMXJDQ GRV IDFWRUHV HQ HVWH UHVXOWDGR SULPHUR FRQ SHVR PD\RU HO
GHVFHQVRGHODPRUWDOLGDGLQIDQWLO FRQODWDVDGHSRUPLOFRQVWDQWHODVGHIXQFLRQHVKXELHUDQVLGR
HQ VHJXQGR WpUPLQR HO PHQRU Q~PHUR GH QDFLPLHQWRV FRQ ORV PLVPRV QDFLPLHQWRV ODV
GHIXQFLRQHVLQIDQWLOHVFRQXQDWDVDGHSRUPLOVHUtDQ $OSUDFWLFDUGHVDJUHJDFLRQHVGHODVFDUDFWHUtVWLFDVLQYHVWLJDGDVSRUHMHPSORHOFiOFXORGHODPRUWDOLGDG
LQIDQWLO D QLYHO PXQLFLSDO FRQ OD LQWHQFLyQ GH REWHQHU XQ YDORU PiV FRQILDEOH SDUD HVWD PRUWDOLGDG VH
SURFHGH D SURPHGLDU ODVWDVDVREWHQLGDV D SDUWLU GH ORV GDWRV GH ODV PXMHUHVGH \ DxRV LQWHUYDORV\ GRQGHODLQIRUPDFLyQEiVLFDHVGHPHMRUFDOLGDG6HDSOLFDHVWHSURFHGLPLHQWR
SDUD HVWLPDU ODV 70, PXQLFLSDOHV (Q IRUPD VLPLODU VH SURFHGH SDUD FDOFXODU HO WLHPSR DO TXH
FRUUHVSRQGHHVDHVWLPDFLyQSURPHGLR /DVWDVDVREWHQLGDVGHODPDQHUDLQGLFDGD YHU$QH[R
&XDGUR VHUHSURGXFHQDFRQWLQXDFLyQRUGHQDGDVGHPHQRUDPD\RUYDORUWDPELpQVHSUHVHQWDQODV
GHIXQFLRQHV LQIDQWLOHV \ VX GLVWULEXFLyQ SRUFHQWXDO GH DFXHUGR D ORV GLVWLQWRV ULHVJRV GH PXHUWH TXH
RSHUDHQFDGDPXQLFLSLR
0XQLFLSLR
70,
SRUPLO 'SWR0DQDJXD 0DQDJXD
&LXGDG6DQGLQR
7LSLWDSD
9LOOD(O&DUPHQ
0DWHDUH
7LFXDQWHSH
6DQ5DIDHOGHO6XU
(O&UXFHUR
6DQ)UDQFLVFR/LEUH
'HIXQFLRQHV
HVWLPDGDVGH
PHQRUHVGHXQDxR
7RWDO
3DUD TXH HO Q~PHUR GH GHIXQFLRQHV LQIDQWLOHV GHO GHSDUWDPHQWR FRLQFLGDQ FRQ OD VXPD GH GHIXQFLRQHV LQIDQWLOHV GH ORV
PXQLFLSLRV WDPELpQ VH SURPHGLDQ ODV WDVDV GH PRUWDOLGDG LQIDQWLO GHO GHSDUWDPHQWR LQWHUYDORV \ GH OD 7DEOD TXH
FRQGXFHQDXQD70,GHSRUPLOSDUDPHGLDGRVGHODxR
&DUDFWHUL]DFLyQ6RFLRGHPRJUiILFDGHO'HSDUWDPHQWRGH0DQDJXD
9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD
,1,'(
3URPHGLRGHKLMRVSRUPXMHU
/RV UHVXOWDGRV GHO FHQVR PXHVWUDQ TXH FRQWLQ~D HO GHVFHQVR GH OD IHFXQGLGDG HQWUH HVWRV
UHVXOWDGRV\ORVFRUUHVSRQGLHQWHVDODUHGXFFLyQHQHOSURPHGLRQDFLRQDODOFDQ]DDPHGLRKLMR
3DUDHOWRWDOGHODUHS~EOLFD\HOGHSDUWDPHQWRGH0DQDJXDVHREVHUYDXQGHVFHQVRVLJQLILFDWLYRHQHO
(VWH LQGLFDGRU FRPR HV GH HVSHUDU HV PD\RU HQ HO iUHD UXUDO SHUR TXHGD HQ HYLGHQFLD HO
GHVFHQVR HQ DPEDV iUHDV GH UHVLGHQFLD (O Q~PHUR PHGLR GH KLMRV SRU PXMHU GH DO HQ OD
UHS~EOLFD GHVFHQGLy XQ SRU FLHQWR HQ HO iUHD XUEDQD \ SRU FLHQWR HQ HO iUHD UXUDO VLPLODU
FRPSRUWDPLHQWRPXHVWUDHOGHSDUWDPHQWRGH0DQDJXDHQHOiUHDXUEDQDFRQXQGHVFHQVRGHSRU
FLHQWRVLHQGRPDVVLJQLILFDWLYRHQHOiUHDUXUDOFRQSRUFLHQWR
/RV PXQLFLSLRV TXH VREUHVDOHQ HQ OD GLVPLQXFLyQ GH HVWH LQGLFDGRU HQ HO iPELWR UXUDO FRUUHVSRQGHQ D
7LFXDQWHSH FRQ SRU FLHQWR 7LSLWDSD \ 6DQ )UDQFLVFR FRQ SRU FLHQWR \ 0DWHDUH FRQ SRU
FLHQWRHVWH~OWLPRPXQLFLSLRUHJLVWUDLJXDOSRUFHQWDMHGHGHVFHQVRGHOSURPHGLRGHKLMRVSRUPXMHUSDUD
HOiUHDXUEDQD
(Q HO iUHD XUEDQD ORV PXQLFLSLRV TXH KDQ WHQLGR XQD PD\RU UHGXFFLyQ HQ HVWH LQGLFDGRU KDQ VLGR (O
&UXFHUR VHJXLGR GH 7LFXDQWHSH \ 6DQ 5DIDHO GHO 6XU 3RU HO FRQWUDULR ODV
PHQRUHVUHGXFFLRQHVODVWLHQHQ&LXGDG6DQGLQRFRQSRUFLHQWR\0DQDJXDFRQSRUFLHQWR3RU
VXODGR9LOOD(O&DUPHQYHUHGXFLGRHVWHLQGLFDGRUHQVLPLODUHVPDJQLWXGHV \ SDUDDPEDV
iUHDVGHUHVLGHQFLD
(Q HO SHUtRGR HO SURPHGLR GH KLMRVSRU PXMHU GLVPLQX\y HQ WRGRV ORV PXQLFLSLRV(Q VyOR6DQ)UDQFLVFR/LEUHVXSHUDORVFXDWURKLMRVSRUPXMHUOHVLJXHQ9LOOD(O&DUPHQFRQFHUFDGHORV
FXDWURKLMRV3DUDHOFHQVRGHOVHREVHUYDQGHVFHQVRVLPSRUWDQWHVHQHOQ~PHURPHGLRGHKLMRVHQ
HO iUHD UXUDO GH ORV PXQLFLSLRV GH 6DQ )UDQFLVFR /LEUH 7LSLWDSD \ 9LOOD (O &DUPHQ TXH VXSHUDEDQ ORV
FXDWURKLMRVSRUPXMHUGRQGHVHQRWDTXHHOSURPHGLRGHKLMRVQROOHJDDORVFXDWURKLMRVSRUPXMHU/RV
YDORUHVPtQLPRVWDQWRHQHOWRWDOFRPRSRUiUHDGHUHVLGHQFLDVHREVHUYDQHQ0DQDJXD\ORVYDORUHV
Pi[LPRVDORVPLVPRVQLYHOHVHVWiQHQ6DQ)UDQFLVFR/LEUH
3URSRUFLyQGHKLMRVIDOOHFLGRV
5HVSHFWRDODSURSRUFLyQGHKLMRVIDOOHFLGRVHOGHVFHQVRGHOLQGLFDGRU HQWUH\HYLGHQFLDOD
GLVPLQXFLyQ GH OD PRUWDOLGDG YHU 7DEOD (Q GH FDGD KLMRV GH ODV PXMHUHV GH DxRV \
PiV KDEtDQ PXHUWR KDVWD HO PRPHQWR GHO FHQVR HQ HVWH Q~PHUR VH UHGXFH D KLMRV
IDOOHFLGRVGHFDGDLQGLFDQGRXQFODURGHVFHQVRGHORVQLYHOHVGHPRUWDOLGDGHQHOGHSDUWDPHQWRGH
0DQDJXD(VWHFRPSRUWDPLHQWRHVVLPLODUHQHOiUHDXUEDQDFRPRHQODUXUDOGHOGHSDUWDPHQWR\GHVXV
PXQLFLSLRV
(Q ORVYDORUHV PD\RUHVVHWHQtDQ HQ 0DWHDUH (O &UXFHUR \ 6DQ5DIDHOGHO6XU DOUHGHGRUGH KLMRVIDOOHFLGRVGHFDGD \ODPHQRUPRUWDOLGDGFRUUHVSRQGtDD0DQDJXD7LSLWDSD\&LXGDG6DQGLQR
HQGRQGHVHREVHUYDQYDORUHVPHQRUHVDKLMRVIDOOHFLGRVGHFDGD(QVHWLHQHD(O&UXFHUR
\ 6DQ 5DIDHO GHO 6XU FRPR ORV GH PD\RU PRUWDOLGDGFRQ KLMRV IDOOHFLGRV GH FDGD (Q HO RWUR
H[WUHPRFRPRPXQLFLSLRVGHPHQRUPRUWDOLGDGVHHQFXHQWUDQ0DQDJXD\&LXGDG6DQGLQRFRQYDORUHV
PHQRUHVGHKLMRVIDOOHFLGRVGHFDGDKLMRVQDFLGRVYLYRV
(Q HO iUHD XUEDQD VH REVHUYD TXH ORV PXQLFLSLRV GH 6DQ 5DIDHO GHO 6XU 0DWHDUH \ (O &UXFHUR
H[SHULPHQWDURQXQGHVFHQVRVLJQLILFDWLYRGHKDVWDKLMRVIDOOHFLGRVDOSDVDUHQGHRFHUFDGH
KLMRVIDOOHFLGRVGHFDGDDHQHOFHQVRPLHQWUDVTXHHQHOiUHDUXUDOHVWDUHGXFFLyQHV
GH FDVL KLMRV SDUD 0DWHDUH FRQ KLMRV IDOOHFLGRV SDUD ORV PXQLFLSLRV GH 6DQ )UDQFLVFR /LEUH \
7LFXDQWHSH
3DUDHOFHQVRGHOVHQRWDTXHORVPXQLFLSLRVGH0DWHDUH6DQ)UDQFLVFR/LEUH\9LOOD(O&DUPHQ
PXHVWUDQ XQD SURSRUFLyQ PHQRU GH KLMRV IDOOHFLGRV HQ HO iUHD UXUDO UHVSHFWR DO iUHD XUEDQD GHELGR
&DUDFWHUL]DFLyQ6RFLRGHPRJUiILFDGHO'HSDUWDPHQWRGH0DQDJXD
9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD
,1,'(
'H DFXHUGR DO iUHD GHUHVLGHQFLDVH WLHQH GLIHUHQFLDVVLJQLILFDWLYDVVLHQGRPD\RU HO QLYHOHQ WRGRVORV
PXQLFLSLRV HQ HO iUHD UXUDO /DV PD\RUHV GLIHUHQFLDV HQ HO VH DSUHFLDQ HQ 7LSLWDSD GRQGH HO
DQDOIDEHWLVPRUXUDOHVGRVYHFHVPiVTXHHOXUEDQRFHUFDQRDOGREOHHVWi0DWHDUH9LOOD(O&DUPHQ\
&LXGDG6DQGLQR\GHDYHFHVVHHQFXHQWUDHOUHVWRGHPXQLFLSLRV/RVPD\RUHVSRUFHQWDMHVGH
DQDOIDEHWLVPRUXUDOORVSUHVHQWDQ6DQ)UDQFLVFR/LEUH\7LSLWDSD\ORVPHQRUHV0DQDJXD\7LFXDQWHSH
(OPD\RUSRUFHQWDMHGHDQDOIDEHWLVPRXUEDQRORWLHQH6DQ)UDQFLVFR/LEUH \HOPHQRU0DQDJXD
HOUHVWRVHXELFDHQWUHHO\SRUFLHQWR
(QORVSRUFHQWDMHVGHUHGXFFLyQGHODVWDVDVVHREVHUYDTXHHODQDOIDEHWLVPRGHVFHQGLyHQWRGRVORV
PXQLFLSLRVHVWHGHVFHQVRIXHPHQRUHQDTXHOORVTXH\DHQSUHVHQWDEDQWDVDVEDMDV 0DQDJXD\
&LXGDG 6DQGLQR HQ RWURV DOFDQ]y GLVPLQXFLyQ GHO SRU FLHQWR R PiV 7LFXDQWHSH 0DWHDUH
\6DQ5DIDHOGHO6XU (VLPSRUWDQWHVHxDODUTXHDXQTXHH[LVWHQGLIHUHQFLDVDSUHFLDEOHVHQWUHiUHDGHUHVLGHQFLDVHWXYRXQ
GHVFHQVRGHODQDOIDEHWLVPRHQWUH\FRQPD\RULPSDFWRHQHOiPELWRUXUDO/DWDVDUXUDOGHO
GHSDUWDPHQWR GLVPLQX\yPiV GHO SRU FLHQWR PLHQWUDVTXHHQ HOiUHD XUEDQDIXH LQIHULRUDO
VLHWH SRU FLHQWR HQ HO DQDOIDEHWLVPR UXUDO WULSOLFDED DO XUEDQR HQ HO HV YHFHV
PD\RU
/D GLVPLQXFLyQ GH ODV WDVDV HQ HO iUHD UXUDO EHQHILFLy GH LJXDO PDQHUD D WRGRV ORV PXQLFLSLRV HQ
7LFXDQWHSH \ (O &UXFHUR HO GHVFHQVR IXH PD\RU HQ OD SDUWH XUEDQD (QWUH \ HQ &LXGDG
6DQGLQRHODQDOIDEHWLVPRUXUDOH[SHULPHQWyFDPELRVPtQLPRVPLHQWUDVTXHHQ0DWHDUHODUHGXFFLyQGH
VXWDVDHVQHJDWLYD ORTXHLQGLFDXQOHYHDXPHQWRHQHODQDOIDEHWLVPRUXUDO
8QD SDUWLFXODULGDG TXH SUHVHQWD HO LQGLFDGRU GH DQDOIDEHWLVPR GHO SDtV HV TXH QR H[LVWHQ JUDQGHV
GLIHUHQFLDVFXDQGRVHREVHUYDHOFRPSRUWDPLHQWRVHJ~QVH[RVLQHPEDUJRDQLYHOGHSDUWDPHQWDOWDQWR
HQ\ORVKRPEUHVSUHVHQWDQXQSRUFHQWDMHOHYHPHQWHLQIHULRUTXHODVPXMHUHVHVWRHVDVtHQ
ORVWRWDOHV\HQHOiPELWRXUEDQRHQHOiUHDUXUDORFXUUHORFRQWUDULR
(OSDQRUDPDPXQLFLSDOHVYDULDGRHQ6DQ)UDQFLVFR/LEUHHODQDOIDEHWLVPRGHODSREODFLyQPDVFXOLQDHV
PD\RUTXHHQODIHPHQLQDLQGHSHQGLHQWHPHQWHGHOiUHDGHUHVLGHQFLDHQ7LFXDQWHSH(O&UXFHUR\6DQ
5DIDHO GH 6XU HO SRUFHQWDMH GH PXMHUHV DQDOIDEHWDV HV OLJHUDPHQWH PD\RU TXH HO SRUFHQWDMH GH ORV
KRPEUHV HQ OR XUEDQR \ HQ OR UXUDO PLHQWUDV TXH HQ HO UHVWR GH PXQLFLSLRV VH SUHVHQWD XQD VLWXDFLyQ
VLPLODUDOSURPHGLRGHSDUWDPHQWDOHVGHFLUYDORUHVGHDQDOIDEHWLVPRPDVFXOLQRDOJRLQIHULRUDOIHPHQLQR
HQHOFRQWH[WRXUEDQR\SRUFHQWDMHIHPHQLQRPHQRUTXHHOPDVFXOLQRHQORUXUDO
$VLVWHQFLDHVFRODU
/DDVLVWHQFLDDORVFHQWURVGHHQVHxDQ]DGHODSREODFLyQGHDDxRVGHOGHSDUWDPHQWRGH0DQDJXD
SDUDHOFHQVRGHOIXHGHSRUFLHQWRFLQFRSXQWRVSRUFHQWXDOHVSRUHQFLPDGHODDVLVWHQFLDD
QLYHO QDFLRQDO 6LQ HPEDUJR KD\ TXH GHVWDFDU TXH OD PD\RU DVLVWHQFLD HVFRODU GHSDUWDPHQWDO HV
FRQVHFXHQFLDGHOSRUFHQWDMHUXUDOFDVLODPLWDGGHODSREODFLyQGHDDxRVDVLVWH PLHQWUDV
TXH HQ HO SDtV VyOR XQ SRU FLHQWR OR KDFH (Q HO FRQWH[WR XUEDQR HO GHSDUWDPHQWR SUHVHQWD XQ
SRUFHQWDMHDOJRLQIHULRUDOGHOSDtV YVUHVSHFWLYDPHQWH (VLPSRUWDQWHLQGLFDUSDUDHOGHSDUWDPHQWRTXHODDVLVWHQFLDHVFRODUPXHVWUDXQSRUFHQWDMHPHQRUHQHO
FRQUHVSHFWRD \ HOiPELWRXUEDQRHVHOPiVDIHFWDGR HQ\
HQ HO HQ FDPELR HQ HO iUHD UXUDO OD DVLVWHQFLD HVFRODU DXPHQWy FDVL GRV SXQWRV SRUFHQWXDOHV
HQDHQ (O LQGLFDGRUGHSDUWDPHQWDO HVWi LQIOXHQFLDGR SRU HO SRUFHQWDMH GHO PXQLFLSLRGH 0DQDJXDOD DVLVWHQFLD
HVFRODU EDMy GH SRU FLHQWR HQ D SRU FLHQWR HQ HO WDPELpQ LQIOX\H HO GHVFHQVR HQ
&LXGDG 6DQGLQR GH D HQ 7LSLWDSD GH D \ DOJR HQ 7LFXDQWHSH GH D
HQRWURVFDVRVODDVLVWHQFLDHVFRODUWXYRXQDXPHQWRGHLPSRUWDQFLDHQ6DQ)UDQFLVFR/LEUH GH
D HQPHQRUPHGLGDHQ9LOOD(O&DUPHQ\(O&UXFHUR\SRFRVFDPELRVHQ0DWHDUH\6DQ
5DIDHOGHO6XU
&DUDFWHUL]DFLyQ6RFLRGHPRJUiILFDGHO'HSDUWDPHQWRGH0DQDJXD
9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD
,1,'(
(QHOiUHDXUEDQDVHXELFDQ0DQDJXD9LOOD(O&DUPHQ\7LFXDQWHSHHQHORUGHQGHODOSRUFLHQWR
FRQPHQRUDVLVWHQFLD7LSLWDSD 6DQ5DIDHOGHO6XU 0DWHDUH \&LXGDG6DQGLQR
(QHOiUHDUXUDO\DVHPHQFLRQyTXHORVYDORUHVPiVHOHYDGRVFRUUHVSRQGHQD0DQDJXD\6DQ
)UDQFLVFR /LEUH 6LJXHQ HQ HVWH RUGHQ 7LFXDQWHSH \ 9LOOD (O &DUPHQ FRQ DOJR PiV GHO SRU FLHQWR
UHIOHMDQGR ORV YDORUHV LQIHULRUHV DO LJXDO TXH HQ OD SDUWH XUEDQD 7LSLWDSD 0DWHDUH \ &LXGDG
6DQGLQRDPERVFRQSRUFLHQWR
/D DVLVWHQFLD HVFRODU UHODFLRQDGD VHJ~Q HO VH[R UHIOHMD TXH HQ YDULRV PXQLFLSLRV QR KD\ GLIHUHQFLDV
VLJQLILFDWLYDV HQ HO LQWHUYDOR GH HGDGFRQVLGHUDGR HQ HVWD VLWXDFLyQVH HQFXHQWUDQ 0DWHDUH 0DQDJXD
7LFXDQWHSH\6DQ5DIDHOGHO6XU(QORVUHVWDQWHVPXQLFLSLRVVHSHUFLEHXQDDVLVWHQFLDHVFRODUDOJRPiV
HOHYDGDHQODVPXMHUHVHQHVSHFLDOHQ6DQ)UDQFLVFR/LEUH
&RQUHVSHFWRDOiUHDUXUDOHQODPD\RUtDGHORVPXQLFLSLRVORVSRUFHQWDMHVGHDVLVWHQFLDHVFRODUGHODV
PXMHUHVVXSHUDQDODGHORVKRPEUHVFRQXQDGLIHUHQFLDLPSRUWDQWHHQ&LXGDG6DQGLQR HQORV
KRPEUHV \ GH OD PXMHUHV DXQTXH VH GHEH WRPDU HQ FXHQWD TXH GH OD SREODFLyQ WRWDO GH HVWH
PXQLFLSLR VX SREODFLyQ UXUDO HV PX\ EDMD 3DUD 0DQDJXD VH WLHQH HO PLVPR YDORU \
7LFXDQWHSHHVHO~QLFRPXQLFLSLRGRQGHHOSRUFHQWDMHGHORVKRPEUHV VXSHUDDOGHODVPXMHUHV
1LYHOGHLQVWUXFFLyQ
/DVFDUDFWHUtVWLFDVDQWHULRUHVHVWiQYLQFXODGDVDODFREHUWXUDTXHWLHQHHOVLVWHPDHGXFDWLYR\VXDOFDQFH
HQFDGDPXQLFLSLR(QFXDQWRDODHVFRODULGDGGHODSREODFLyQpVWDVHUHODFLRQDFRQODSRVLELOLGDGTXH
RIUHFHHOVLVWHPDHGXFDWLYRSDUDGDUUHVSXHVWDDORVTXHFXOPLQDQODHQVHxDQ]DSULPDULD\HVWRVSXHGDQ
DFFHGHUDODHQVHxDQ]DPHGLD\OXHJRDODHQVHxDQ]DVXSHULRU
6H REVHUYD HQ OD 7DEOD TXH KD\ FLHUWD VLPLOLWXG HQWUH ORV SRUFHQWDMHV GH SHUVRQDV VLQ QLYHO GH
LQVWUXFFLyQ FRQ ORV SRUFHQWDMHV GH DQDOIDEHWLVPR ODV 7DEODV \ SHUPLWHQ HVWD FRPSDUDFLyQ WDPELpQHQHVWD~OWLPDVHSUHVHQWDHOQLYHOGHSULPDULDVHSDUDGRGHD\DJUDGRVSRUHOKHFKRGH
TXHKDEHUDSUREDGRORVJUDGRVLQIHULRUHVQRDVHJXUDTXHHVWDSREODFLyQVHDDOIDEHWD\SRUHOFRQWUDULR
HVWpQHQULHVJRGHDQDOIDEHWLVPR
(QHOHOGHSDUWDPHQWRGH0DQDJXDSUHVHQWDXQSRUFLHQWRGHODSREODFLyQGHDxRV\PiV
FRQ LQVWUXFFLyQ VHFXQGDULD \ XQ SRU FLHQWR TXH KD FXUVDGR HVWXGLRV XQLYHUVLWDULRV XQ SRU
FLHQWRWLHQHGHDDxRVGHLQVWUXFFLyQSULPDULDVyORXQSRUFLHQWRGHODSREODFLyQFRQDJUDGRV
DSUREDGRVGHSULPDULDTXHVXPDGRDOSRUFLHQWRTXHWLHQHQQLQJ~QQLYHOKDFHQFHUFDGHXQSRU
FLHQWRGHDQDOIDEHWRVRSRWHQFLDOHVDQDOIDEHWRVHVWRLPSOLFDORVSRUFHQWDMHVPD\RUHVHQODHQVHxDQ]D
PHGLD\VXSHULRU
(QVHREVHUYDTXHHQQLQJ~QQLYHO\SULPDULDJUDGRVVHWHQtDFDVLXQSRUFLHQWRGHSHUVRQDV
GHDxRV\PiVSRUFHQWDMHTXHGLVPLQX\HDPHQRVGHSRUFLHQWRHQHO+D\XQDXPHQWRGH
RFKR SXQWRV SRUFHQWXDOHV HQ OD HQVHxDQ]D VHFXQGDULD SDVy GH D \ FLQFR SXQWRV HQ OD
HQVHxDQ]DVXSHULRU GHD 4XHGD UHIOHMDGR HQ OD 7DEOD XQ SDQRUDPD PXQLFLSDO PX\ KHWHURJpQHR HQ HO ORV YDORUHV
LQIHULRUHVHQQLQJ~QJUDGRHVWiQHQ0DQDJXD\&LXGDG6DQGLQR PHQRUHVDO HVHOGREOHHQ9LOOD(O
&DUPHQ \GRVYHFHV\PHGLDHQ6DQ)UDQFLVFR/LEUH &RQWUDVWHVSDUHFLGRVVHWLHQHQFRQVHFXQGDULDHQHVWHQLYHOHOSRUFHQWDMHPiVHOHYDGRTXHGDUHIOHMDGR
HQ &LXGDG 6DQGLQR VHJXLGR GH 0DQDJXD YDORUHV HOHYDGRV VH WLHQHQ WDPELpQ HQ
0DWHDUH 7LSLWDSD \ 7LFXDQWHSH \ OD VLWXDFLyQ PiV GHVIDYRUDEOH HV OD GH 6DQ
)UDQFLVFR /LEUH &RQ DOJXQDV GLIHUHQFLDV OR H[SUHVDGR SDUD VHFXQGDULD HV YiOLGR SDUD OD
HQVHxDQ]D VXSHULRU HQ HVWH QLYHO GHVWDFD 0DQDJXD D FRQWLQXDFLyQ 7LFXDQWHSH SRUFHQWDMHV PHQRUHV SDUD (O &UXFHUR \ &LXGDG 6DQGLQR \ UHVSHFWLYDPHQWH \ GH PHQRU
VLJQLILFDQFLD9LOOD(O&DUPHQ \6DQ)UDQFLVFR/LEUH &DUDFWHUL]DFLyQ6RFLRGHPRJUiILFDGHO'HSDUWDPHQWRGH0DQDJXD
9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD
,1,'(
GHODSREODFLyQGHSHQGHUiODPDJQLWXGHLQWHQVLGDGGHODSUHVLyQTXHHMHU]DQODVIXWXUDVSREODFLRQHVHQ
HOPHUFDGRGHWUDEDMRHQODPHGLGDHQTXHHVWDVVHLQWHJUHQDODDFWLYLGDGHFRQyPLFD
3REODFLyQ(FRQyPLFDPHQWH$FWLYD 3($ \3REODFLyQ(FRQyPLFDPHQWH,QDFWLYD 3(, &RQORVUHVXOWDGRVGHORVFHQVRVFRQWHQLGRVHQOD7DEODVHDQDOL]DODSDUWLFLSDFLyQGHOD3REODFLyQ
HQ (GDG GH 7UDEDMDU 3(7 D SDUWLU GH ORV DxRV GH HGDG VHSDUiQGROD HQ GRV JUDQGHV JUXSRV
3REODFLyQ (FRQyPLFDPHQWH $FWLYD 3($ \ 3REODFLyQ (FRQyPLFDPHQWH ,QDFWLYD 3(, (Q OD 3($ VH
LQYHVWLJD OD FRQGLFLyQ GH RFXSDFLyQ OD FDWHJRUtD RFXSDFLRQDO GH ODV SHUVRQDV OD UDPD GH DFWLYLGDG \
RWUDVFDUDFWHUtVWLFDV(QOD3(,VHLGHQWLILFDODFRQGLFLyQGHLQDFWLYLGDGFRPRDPDGHFDVDHVWXGLDQWHV
MXELODGRVUHQWLVWDV\RWUDVFDWHJRUtDV
(QODSREODFLyQDFWLYDVHH[DPLQDQODVPDJQLWXGHVGHODRFXSDFLyQ\ODGHVRFXSDFLyQ\HQODSREODFLyQ
LQDFWLYD VH LQGDJDQDTXHOODVSHUVRQDVTXH DXQTXHHVWiQ HQ OD HGDG GH WUDEDMDU QR WUDEDMDQ QL EXVFDQ
DFWLYDPHQWHHOHPSOHR
(OSRUFHQWDMHGHOD SREODFLyQHFRQyPLFDPHQWH DFWLYD GHO GHSDUWDPHQWRGH 0DQDJXDSUHVHQWD XQYDORU
DOJRPiVHOHYDGRHQFRQUHVSHFWRDO YVUHVSHFWLYDPHQWH (QHOFHQVRGHORVSRUFHQWDMHVPiVHOHYDGRVGHOD3($VHHQFXHQWUDQHQ(O&UXFHUR HQ
0DQDJXD YDORUHVPX\SDUHFLGRVHQ0DWHDUH \&LXGDG6DQGLQR ORVPXQLFLSLRV
FRQPHQRUSRUFHQWDMHVRQ7LFXDQWHSH9LOOD(O&DUPHQ\6DQ)UDQFLVFR/LEUH3DUDHO7LFXDQWHSH
SUHVHQWDHOYDORUPi[LPR 0DQDJXD\0DWHDUH FRQHOPHQRUSHVR6DQ5DIDHOGHO6XU
6DQ )UDQFLVFR /LEUH \ 9LOOD (O &DUPHQ HVWH ~OWLPR PXQLFLSLR WXYR OD
GLVPLQXFLyQPD\RUGHOLQGLFDGRUHQWUH\HO
'HQWUR GH OD 3($ HV LPSRUWDQWH GLIHUHQFLDU HQWUH RFXSDGRV \ GHVRFXSDGRV DO UHVSHFWR VH UHIOHMD XQ
FDPELRVLJQLILFDWLYRHQWUHORVGRVFHQVRVFDVLXQSRUFLHQWRGHOD3($HVWiHQGHVRFXSDFLyQHQ
HQ HO RUGHQQDFLRQDO \ HUD D~Q PD\RU HQ HO GHSDUWDPHQWDO EDMDQGR VLJQLILFDWLYDPHQWH SDUD HO
DSRFRPiVGHOFXDWURSRUFLHQWRHQDPERVFRQWH[WRV
/RVSRUFHQWDMHVPiVHOHYDGRVGHGHVRFXSDGRVHQ VXSHULRUHVDOSRUFLHQWR VHWXYLHURQHQ9LOOD
(O &DUPHQ \ 6DQ )UDQFLVFR /LEUH \ GH D SRU FLHQWR HQ &LXGDG 6DQGLQR 6DQ
5DIDHOGHO6XU\0DWHDUHHOUHVWRGHPXQLFLSLRVWLHQHSRUFHQWDMHVLQIHULRUHVDOSRUFLHQWRVLHQGR(O
&UXFHUR HO GH PHQRU YDORU (Q HO HO SRUFHQWDMH PiV HOHYDGR HQ OD 3($ GHVRFXSDGD OR
UHIOHMD9LOOD(O&DUPHQ FRQDOJRPiVGHOFXDWURSRUFLHQWR6DQ5DIDHOGHO6XU 0DQDJXD
\(O&UXFHUR PRVWUDQGR6DQ)UDQFLVFR/LEUHHOYDORUPHQRU (Q FXDQWR D OD GLVWULEXFLyQ GH OD 3REODFLyQ (FRQyPLFDPHQWH ,QDFWLYD VH REVHUYD TXH HQ D QLYHO
QDFLRQDOODFDWHJRUtDPiVVLJQLILFDWLYDHUDHVWXGLDQWH GHVFHQGLHQGRHQHOKDVWDHOSRU
FLHQWR\PD\RUD~QSDUDHOGHSDUWDPHQWR GHD HVWDGLVPLQXFLyQSXHGHHVWDUUHODFLRQDGD
FRQHOKHFKRGHTXHSDUWHGHODSREODFLyQHVWXGLDQWLOVHLQFRUSRUDGHQWURGHODDFWLYLGDGHFRQyPLFDHV
GHFLUHVWXGLDQ\WUDEDMDQHVSRVLEOHWDPELpQODLQIOXHQFLDGHODEDQGRQRHVFRODU/DFRQGLFLyQGHDPDGH
FDVD SDVD D VHU OD FDWHJRUtD SUHGRPLQDQWH HQ HO REWHQLHQGR XQ OHYH GHVFHQVR HQ HO SHULRGR
LQWHUFHQVDOGH D DOJRVLPLODURFXUULySDUDHOGHSDUWDPHQWRGH0DQDJXD GHD (Q OD PD\RUtD GH ORV PXQLFLSLRV VH REVHUYD TXH HO SHVR GH ODFDWHJRUtD DPD GHFDVD GLVPLQX\y\ VH
PDQWXYR SUiFWLFDPHQWH VLQ FDPELR HQ &LXGDG 6DQGLQR 7LFXDQWHSH \ (O &UXFHUR (Q FXDQWR D ORV
HVWXGLDQWHV 0DQDJXD \ &LXGDG 6DQGLQR SDVDURQ GH XQ SRUFHQWDMH VXSHULRU DO SRU FLHQWR \
DXQR PHQRU \ UHVSHFWLYDPHQWH HO YDORUGH 0DQDJXDHVHO PiVDOWR HQHO
6DQ5DIDHOGHO6XU\6DQ)UDQFLVFR/LEUHPXHVWUDQHOSRUFHQWDMHPHQRUDOJRPiVGHOSRUFLHQWR
7DQWR HQ FRPR HQ HO HV PX\ EDMR HO SRUFHQWDMH GH SHUVRQDV HQ FDOLGDG GH SHQVLRQDGR
MXELODGRRUHQWLVWDDXQTXHHQHOHOGHSDUWDPHQWR \HOPXQLFLSLRGH0DQDJXD WLHQHQ
ORVPD\RUHVSRUFHQWDMHVVLJXHQHQHOQLYHOPXQLFLSDOFRQSRUFHQWDMHVDOUHGHGRUGHOWUHVSRUFLHQWR6DQ
&DUDFWHUL]DFLyQ6RFLRGHPRJUiILFDGHO'HSDUWDPHQWRGH0DQDJXD
9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD
,1,'(
SRUVXSDUWHHOVHFWRUVHFXQGDULRUHIOHMDORVPD\RUHVSRUFHQWDMHVHQ7LSLWDSD 0DWHDUH \
&LXGDG6DQGLQR UHODFLRQDGRSDUWLFXODUPHQWHFRQODSUHVHQFLDGHODV]RQDVIUDQFDV\ODPDTXLOD
3DUDHOFHQVRWUHVGHFXDWURKRPEUHVHVWiQHQHOVHFWRUSULPDULRHQ6DQ)UDQFLVFR/LEUH\PiVGH
VLHWHGHFDGDPXMHUHVGHHVWHPXQLFLSLRORKDFHQHQHOWHUFLDULR9LOOD(O&DUPHQHVWiHQXQDVLWXDFLyQ
LQWHUPHGLDHQWUHHOPXQLFLSLRDQWHULRU\ORVUHVWDQWHVORVKRPEUHVHQHOVHFWRUSULPDULRVRQDOJRPiVGHO
SRU FLHQWR VLJXHQ ORV KRPEUHV GH (O &UXFHUR 6DQ 5DIDHO GHO 6XU \
7LFXDQWHSH HQWRGRVHVWRVPXQLFLSLRVODLQVHUFLyQGHODVPXMHUHVHQHOVHFWRUWHUFLDULRDOFDQ]DR
VXSHUD HO SRU FLHQWR 9LOOD (O &DUPHQ (O &UXFHUR 6DQ 5DIDHO GHO 6XU \
7LFXDQWHSH WDPELpQRFKRGHFDGDGLH]PXMHUHVGHOPXQLFLSLRGH0DQDJXDHVWiQYLQFXODGDVD
DFWLYLGDGHVGHHVWHVHFWRU
(OVHFWRUVHFXQGDULRWLHQHORVYDORUHVPiVHOHYDGRVHQ7LSLWDSD\0DWHDUHWDQWRSDUDORVKRPEUHVFRPR
SDUD ODV PXMHUHV FHUFD GHO SRU FLHQWR SDUD ORV SULPHURV \ ODV PXMHUHV GH 0DWHDUH \ GHO SRU
FLHQWRSDUDODVPXMHUHVGH7LSLWDSD
/RVKRPEUHVGHOVHFWRUWHUFLDULRWLHQHQODPHQRUUHSUHVHQWDFLyQHQ6DQ)UDQFLVFR/LEUH DOFDQ]D
DOSRUFLHQWRHQ&LXGDG6DQGLQR\DOSRUFLHQWRHQ0DQDJXD/RVPXQLFLSLRVFRQORVSRUFHQWDMHV
PiVEDMRVGHODVPXMHUHVHQHOVHFWRUWHUFLDULRVRQ7LSLWDSD \0DWHDUH 6LWXDFLyQRFXSDFLRQDO
&RPR WHPD GH LQWHUpV QDFLRQDO HQ HO iPELWR HFRQyPLFR VRFLDO GH OD SREODFLyQ HQ HO FHQVR VH
LQYHVWLJy ODVLWXDFLyQ RFXSDFLRQDO GHODVSHUVRQDVGHVGHHOSXQWR GHYLVWDGHODHVWDELOLGDGODERUDOGH
DFXHUGR D VX VLWXDFLyQ HQ HO WUDEDMR TXH GHVHPSHxD \D VHD GH IRUPD SHUPDQHQWH R WHPSRUDO $O
UHVSHFWR OD 7DEOD SURSRUFLRQD LQIRUPDFLyQ EiVLFD GH OD VLWXDFLyQ RFXSDFLRQDO GH OD SREODFLyQ
RFXSDGDGHDxRV\PiV
(OSRUFLHQWRGHODSREODFLyQRFXSDGDGHOSDtVPDQLIHVWyWHQHUWUDEDMRSHUPDQHQWHHVWRVHWUDGXFH
DTXHXQDEXHQDPD\RUtDGHQLFDUDJHQVHVJR]DQGHHVWDELOLGDGODERUDOEHQHILFLDQGRSUREDEOHPHQWHD
ORVKRJDUHVDTXHSHUWHQHFHQ
(QJHQHUDOHOWUDEDMRSHUPDQHQWHWRPDYDORUHVPiVHOHYDGRVHQORVFRQWH[WRVPiVXUEDQL]DGRVGDGDV
ODVDFWLYLGDGHVHFRQyPLFDVTXHVHGHVDUUROODQHQODVPLVPDVVREUHVDOHQFRQORVPD\RUHVSRUFHQWDMHV
ORV PXQLFLSLRV GH 0DQDJXD 7LSLWDSD &LXGDG 6DQGLQR 0DWHDUH \
7LFXDQWHSH ORVPHQRUHVSRUFHQWDMHVHVWiQHQ6DQ5DIDHOGHO6XU \6DQ)UDQFLVFR/LEUH
6H REVHUYD TXH HO WUDEDMR SHUPDQHQWH EHQHILFLD PiV D ODV PXMHUHV FDVL SXQWRV SRUFHQWXDOHV PiV
HQ KRPEUHV HQ PXMHUHV HVWH FRPSRUWDPLHQWR VH UHIOHMD HQ WRGRV ORV PXQLFLSLRV /DV
PD\RUHV GLIHUHQFLDV HVWiQ SUHVHQWHV HQ ORV PXQLFLSLRV GRQGH WLHQH PD\RU LPSRUWDQFLD HO WUDEDMR
WHPSRUDO UHODFLRQDGR SULQFLSDOPHQWH SRU DFWLYLGDGHV DJURSHFXDULDV PLHQWUDV TXH HQ 6DQ )UDQFLVFR
/LEUHXQSRUFLHQWRGHORVKRPEUHVGHFODUDSRVHHUXQWUDEDMRSHUPDQHQWHHQODVPXMHUHVDOFDQ]DDO
SRUFLHQWRHQHVWDFRQGLFLyQ6DQ5DIDHOGHO6XUFRQSRUFLHQWRHQKRPEUHV\SRUFLHQWR
HQODVPXMHUHVHQ9LOOD(O&DUPHQ\SRUFLHQWRUHVSHFWLYDPHQWH
/RVSRUFHQWDMHVPiVHOHYDGRVGHKRPEUHVFRQWUDEDMRSHUPDQHQWHVHHQFXHQWUDQHQ0DQDJXD 0DWHDUH 7LSLWDSD \&LXGDG6DQGLQR HQORVPXQLFLSLRVGH7LSLWDSD\0DQDJXD
ODV PXMHUHV FRQ WUDEDMR SHUPDQHQWH VXSHUDQ HO SRU FLHQWR VHJXLGRV GH &LXGDG 6DQGLQR \
7LFXDQWHSH (Q HO iUHD XUEDQD ORV PXQLFLSLRVGH 6DQ )UDQFLVFR /LEUH \ 6DQ 5DIDHO GHO 6XU PXHVWUDQORV PD\RUHV
SRUFHQWDMHVFRQWUDEDMRWHPSRUDOWDQWRHQKRPEUHV \ FRPRHQPXMHUHV \ FRQ
WUDEDMR SHUPDQHQWH VREUHVDOHQ 7LSLWDSD \ 0DQDJXD FRQ ORV PD\RUHV SRUFHQWDMHV HQ KRPEUHV \
\PXMHUHV \ UHVSHFWLYDPHQWH
&DUDFWHUL]DFLyQ6RFLRGHPRJUiILFDGHO'HSDUWDPHQWRGH0DQDJXD
9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD
,1,'(
YLYLHQGDV \ SREODFLyQ GHO GHSDUWDPHQWR REVHUYDQGR XQD OHYH GLVPLQXFLyQ GH DPERV DGHPiV VH YH
UHIOHMDGDXQDOLJHUDGLVPLQXFLyQGHOSURPHGLRGHSHUVRQDVSRUYLYLHQGDGHD
$OPXQLFLSLRGH0DQDJXDOHVLJXHHOPXQLFLSLRGH7LSLWDSDSRVHHHOSRUFLHQWRGHODVYLYLHQGDV\GH
OD SREODFLyQ DXPHQWDQGR FRQ UHVSHFWR D GRQGH FRQWDED FRQ \ SRU FLHQWR HQ HO RUGHQ
LQGLFDGRDQWHULRUPHQWHWDPELpQUHJLVWUDXQDEDMDHQFXDQWRDLQGLFDGRUGHSHUVRQDVSRUYLYLHQGD GH
D 'HVSXpV GH 7LSLWDSD SDUD HO FRQWLQ~DQ &LXGDG 6DQGLQR \ 6DQ 5DIDHO GHO 6XU \ FRPR ORV GH
PHQRUFDQWLGDGGH YLYLHQGDV \GHSREODFLyQHVWiQ (O &UXFHUR \6DQ )UDQFLVFR /LEUH3RURWUDSDUWHHO
PXQLFLSLRGH0DWHDUHHVHOTXHSUHVHQWDHOPD\RUFUHFLPLHQWRWDQWRGHYLYLHQGDVFRPRGHSREODFLyQHQ
HOSHULRGR \UHVSHFWLYDPHQWH $OREVHUYDUODWDEODDQWHULRUVHJ~QHOiUHDGHUHVLGHQFLDVHSXHGHYHUTXHODUHODFLyQXUEDQRUXUDOQRKD
FDPELDGR SUiFWLFDPHQWH GHVGH \D TXH FHUFD GH QXHYH GH FDGD YLYLHQGDV \ SHUVRQDV GHO
GHSDUWDPHQWR VH HQFXHQWUDQ HQ HO iUHD XUEDQD /DV YLYLHQGDV GH ORV PXQLFLSLRV GH 7LSLWDSD 0DWHDUH
&LXGDG 6DQGLQR 0DQDJXD (O &UXFHUR \ 6DQ 5DIDHO GHO 6XU WLHQHQ SUHSRQGHUDQFLD XUEDQD
REVHUYiQGRVHGLFKDWHQGHQFLDWDQWRSDUDFRPRSDUDHO
7LSRGHYLYLHQGD
(QOD7DEODHOPD\RUFDPELRVHWLHQHHQHODXPHQWRHQODFDWHJRUtDFDVDWDQWRHQHOSDtVTXHGH
HQVXEHDSRUFLHQWRHQFRPRHQHOGHSDUWDPHQWRGH0DQDJXD GHD
UHVSHFWLYDPHQWH SHURHQDPERVFHQVRVHOGHSDUWDPHQWRVHPDQWLHQHVREUHHOSURPHGLRQDFLRQDO
1RWiQGRVHWDPELpQXQGHVFHQVRVLJQLILFDWLYRSDUDHOHQODVYLYLHQGDVLPSURYLVDGDVTXHEDMDQGH
DSRUFLHQWR\HQORVFXDUWRVHQFXDUWHUtDTXHSDVDQGH DSRUFLHQWR(VWHFRPSRUWDPLHQWR
VXSRQHXQDPHMRUtDHQHOiPELWRKDELWDFLRQDO\DTXHODGLVPLQXFLyQGHODVYLYLHQGDVLPSURYLVDGDV\GH
FXDUWRHQFXDUWHUtD SRVLEOHPHQWHEHQHILFLD D ODV SHUVRQDVTXHKDELWDEDQ HQHOODV ODVFXDOHVVXPDEDQ
DOUHGHGRU GH PLO SHUVRQDV HQ FRQWUDVWDGDV FRQ ODV PLO HQ TXH UHSUHVHQWD XQD
GLVPLQXFLyQGHOSRUFLHQWRHQHVWDVSREODFLRQHV
3DUDHOPXQLFLSLRGH6DQ)UDQFLVFR/LEUHWHQtDHOPD\RUSRUFHQWDMHGHYLYLHQGDVHQODFDWHJRUtDGH
FDVD SDUD HO HO PD\RU SRUFHQWDMH OR WLHQH HO PXQLFLSLR GH &LXGDG 6DQGLQR (Q
FDPELRSDUDHOPXQLFLSLRTXHWHQtDHOPHQRUSRUFHQWDMHGHYLYLHQGDVWLSRFDVDHUD(O&UXFHURFRQ
SRU FLHQWR FDPELDQGR SDUD HO FHQVR GH GRQGH HVWD VLWXDFLyQ OD SUHVHQWD HO PXQLFLSLR GH
0DWHDUH &RQ XQ SRUFHQWDMH GH YLYLHQGDV GH PHMRU FDOLGDG FRPR HV HO FDVR GH ODV TXLQWDV VH REVHUYD D (O
&UXFHUR TXH HQ ORV GRV FHQVRV SUHVHQWD ORV YDORUHV PDV HOHYDGRV \ UHVSHFWLYDPHQWH (Q
FRQWUDVWHKD\SRUFHQWDMHVVLJQLILFDWLYRVGHYLYLHQGDVLPSURYLVDGDVHQ0DWHDUH HQHQ
7LFXDQWHSH GHD (O&UXFHUR GHD 6DQ5DIDHOGHO6XU D ,1,'(9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD³9LYLHQGD9ROXPHQ,'HSDUWDPHQWRV5HJLRQHV$XWyQRPDV´&XDGUR
&DUDFWHUL]DFLyQ6RFLRGHPRJUiILFDGHO'HSDUWDPHQWRGH0DQDJXD
9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD
,1,'(
$ QLYHO PXQLFLSDO HV GH VLQJXODU LPSRUWDQFLD REVHUYDU ODV GLIHUHQFLDV PDUFDGDV HQ HO SRUFHQWDMH GH
YLYLHQGDV VHJ~Q HO WLSR GH DOXPEUDGR \ HO iUHD GH UHVLGHQFLD SULQFLSDOPHQWH SRU ODV IDFLOLGDGHV TXH
UHSUHVHQWDHOiUHDXUEDQDHQHODFFHVRDXQPHMRUWLSRGHDOXPEUDGR(QODOX]HOpFWULFDVHREVHUYDTXH
ORVPXQLFLSLRVVXSHUDQHOSRUFLHQWRGHODVYLYLHQGDVGHOiUHDXUEDQDVLHQGR7LFXDQWHSH HO
YDORUPiVHOHYDGRHQFDPELR9LOOD(O&DUPHQFRQSRUFLHQWRFRUUHVSRQGHDOPXQLFLSLRFRQHOPHQRU
YDORU SRUFHQWXDO (V FODUR TXH HO VHUYLFLR GH HQHUJtD HOpFWULFD WLHQH XQD HOHYDGD FREHUWXUD HQ ODV
YLYLHQGDVXUEDQDV
(QHOiUHDUXUDODXQTXHHOWLSRGHDOXPEUDGRFRQOX]HOpFWULFDOOHJDDOSRUFLHQWRGHODVYLYLHQGDV
GHOGHSDUWDPHQWRVHQRWDTXHHODFFHVRHVPX\GLIHUHQWHHQORVPXQLFLSLRVWDOHVHOFDVRGH0DQDJXD
7LFXDQWHSH \ &LXGDG 6DQGLQR TXH WLHQHQ ORV PD\RUHV SRUFHQWDMHV GH YLYLHQGDV FRQ OX] HOpFWULFD \ UHVSHFWLYDPHQWH HQFRPSDUDFLyQFRQ7LSLWDSDGRQGHHVWD FREHUWXUDFRPSUHQGHD
SRUFLHQWRGHODVYLYLHQGDVHQ9LOOD(O&DUPHQDOSRUFLHQWR\HQ6DQ)UDQFLVFR/LEUHDSHQDVDO
SRUFLHQWRGHODVYLYLHQGDV
(O WLSR GH DOXPEUDGR FRQ JDV NHURVpQ FDQGLO WLHQH VLJQLILFDQFLD HQ HO iUHD UXUDO 3UHFLVDPHQWH HO
PXQLFLSLR GH 6DQ )UDQFLVFR /LEUH TXH WLHQH OD PHQRU FREHUWXUD GH OX] HOpFWULFD PXHVWUD HO PD\RU
SRUFHQWDMHGHYLYLHQGDVFRQJDVNHURVpQ OHVLJXHQ7LSLWDSD 9LOOD(O&DUPHQ (O
&UXFHUR \0DWHDUH &DUDFWHUL]DFLyQ6RFLRGHPRJUiILFDGHO'HSDUWDPHQWRGH0DQDJXD
9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD
,1,'(
/RV PXQLFLSLRV GH 6DQ )UDQFLVFR /LEUH \ 6DQ 5DIDHO GHO 6XU PXHVWUDQ ORV PD\RUHV SRUFHQWDMHV GH
YLYLHQGDV FRQIRUPDGDV SRU XQ KRJDU \ PLHQWUDV TXH HQ 0DQDJXD \ &LXGDG 6DQGLQR VH
REVHUYDQ ORV PHQRUHV SRUFHQWDMHV \ OR TXH FRQVWLWX\H XQ PD\RU LQGLFLR GH GpILFLW GH
YLYLHQGDVHQHVWRV~OWLPRVPXQLFLSLRV
/RVPXQLFLSLRV GH0DQDJXD\ &LXGDG6DQGLQR FRPR UHVXOWDGRGHO PD\RU SRUFHQWDMH GH YLYLHQGDVFRQ
KRJDUHVDGLFLRQDOHV \ UHJLVWUDQORVPD\RUHVSURPHGLRVGHKRJDUHVSRUYLYLHQGD \ HQHOGHSDUWDPHQWR
6HJ~Q HO iUHD GH UHVLGHQFLD VH REVHUYD TXH HQ HO iUHD XUEDQD HO PXQLFLSLR GH 7LFXDQWHSH UHJLVWUD HO
PHQRUSRUFHQWDMHGHYLYLHQGDVFRQXQKRJDU XQLpQGRVHD0DQDJXD\&LXGDG6DQGLQR \
FRPRORVPXQLFLSLRVFRQPD\RUHVLQGLFLRVGHGpILFLWGHYLYLHQGDVHQHOGHSDUWDPHQWRPLHQWUDV
TXHORVPXQLFLSLRVGH6DQ)UDQFLVFR/LEUH9LOOD(O&DUPHQ\6DQ5DIDHOGHO6XUPXHVWUDQORVPD\RUHV
SRUFHQWDMHV \ GHYLYLHQGDVFRQXQKRJDU
(Q HO iUHD UXUDO HV QRWRULR TXH ORV SRUFHQWDMHV GH YLYLHQGDV FRQ XQ KRJDU DXPHQWDQ FRQ UHVSHFWR DO
iPELWR XUEDQR HQ WRGRV ORV PXQLFLSLRV FRQ H[FHSFLyQ GH 6DQ )UDQFLVFR /LEUH XUEDQR UXUDO SRUORFXDOORVGDWRVSURSRUFLRQDGRVSRUHOFHQVRHQHOGHSDUWDPHQWRGH0DQDJXDLQGLFDQ
PD\RUHVLQGLFLRVGHGpILFLWGHYLYLHQGDVHQHOiUHDXUEDQD
(OPD\RUSRUFHQWDMHGHYLYLHQGDVFRQXQKRJDUVHHQFXHQWUDHQHOiUHDUXUDOGH6DQ5DIDHOGHO6XUFRQ
SRUFLHQWR/RVPD\RUHVSRUFHQWDMHVGHYLYLHQGDVFRQKRJDUHVDGLFLRQDOHVORVWLHQHQORVPXQLFLSLRV
GH7LFXDQWHSH\0DQDJXDHQHOiUHDXUEDQDFRQ\SRUFLHQWRUHVSHFWLYDPHQWH
6HUYLFLRKLJLpQLFR
(QORVFHQVRVDQWHULRUHVHODFFHVRDORVVHUYLFLRVKLJLpQLFRVVHDQDOL]yDQLYHOGHYLYLHQGDSDUDHO
HVWD YDULDEOH VH LQYHVWLJy GHQWUR GH ORV KRJDUHV HQ ORV FXDOHV HO VHUYLFLR KLJLpQLFR HV XQR GH ORV
GHWHUPLQDQWHVEiVLFRVSDUDHYDOXDUODFDOLGDGGHYLGDGHODSREODFLyQ
(QOD7DEODVHGHVFULEHQDOJXQRVDVSHFWRVGHLQWHUpVVREUHHOWLSRGHVHUYLFLRKLJLpQLFRVHJ~QiUHD
GHUHVLGHQFLD\PXQLFLSLRVGHOGHSDUWDPHQWRGH0DQDJXD
$SUR[LPDGDPHQWH VHLV GH FDGD KRJDUHV GHO GHSDUWDPHQWR FXHQWDQ FRQ LQRGRUR HQ VXV
GLIHUHQWHV WLSRV GH GHVFDUJD PLHQWUDV TXH ORV UHVWDQWHV KRJDUHV GLVSRQHQ GH OHWULQD R QR
SRVHHQHVWHVHUYLFLRHQVXVKRJDUHV 6LVHDQDOL]DODVLWXDFLyQDORLQWHUQRGHORVPXQLFLSLRVHQ0DQDJXDVLHWHGHFDGDKRJDUHVFXHQWDQ
FRQLQRGRUR\ODPD\RUtDGHHOORVHVWiQFRQHFWDGRVDWXEHUtDVGHDJXDVQHJUDV&HUFDGHWUHVGHFDGD
KRJDUHVFXHQWDQFRQOHWULQD \VyORSRUFLHQWRGHORVKRJDUHVQRSRVHHVHUYLFLRKLJLpQLFR
OH VLJXH &LXGDG 6DQGLQR FRQ SRU FLHQWR GH ORV KRJDUHV TXH FXHQWDQ FRQ LQRGRUR GRV GH WUHV
KRJDUHV WLHQHQ OHWULQD \ QR WLHQHQ HVWH VHUYLFLR HO SRU FLHQWR &RQWLQ~DQ 7LFXDQWHSH \ (O
&UXFHURFRQ\SRUFLHQWRGHKRJDUHVFRQLQRGRUR
/RVPXQLFLSLRVHQVLWXDFLyQPiVGHVYHQWDMRVDVRQ9LOOD(O&DUPHQFRQSRUFLHQWRGHORVKRJDUHV
TXHFDUHFHQGHVHUYLFLRKLJLpQLFR6DQ5DIDHOGHO6XU \HOYDORUPiVHOHYDGRHQ6DQ)UDQFLVFR
/LEUH 7LSLWDSD\6DQ5DIDHOGHO6XUVRQORVPXQLFLSLRVMXQWRFRQ0DQDJXDTXHWLHQHQLQRGRUR
FRQHFWDGRD WXEHUtD GH DJXDV QHJUDVDXQTXH FRQ SUHVHQFLD EDMD HQ ORV KRJDUHV \ HQ HO
RUGHQLQGLFDGR (QUHODFLyQDOiUHDGHUHVLGHQFLDHVQRWDEOHOD GLIHUHQFLD HQFXDQWR DODFFHVRDORV GLIHUHQWHVWLSRVGH
VHUYLFLRKLJLpQLFRHOSRUFLHQWRGHORVKRJDUHVXELFDGRVHQHOiUHDXUEDQDWLHQHQVHUYLFLRGHLQRGRUR
HQVXVGLIHUHQWHVWLSRVGHGHVFDUJDFDVRFRQWUDULRDORTXHDFRQWHFHHQHOiUHDUXUDOGRQGHHOSRU
FLHQWR WLHQH H[FXVDGR R OHWULQD HQ HO iPELWR XUEDQR XQ WUHV SRU FLHQWR QR WLHQH VHUYLFLR KLJLpQLFR HVWH
SRUFHQWDMHHVVHLVYHFHVPD\RUHQHOiUHDUXUDO &DUDFWHUL]DFLyQ6RFLRGHPRJUiILFDGHO'HSDUWDPHQWRGH0DQDJXD
9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD
,1,'(
0DQDJXDGHVWDFDFRQHOSRUFLHQWRGHKRJDUHVHQTXHVHXWLOL]DJDVEXWDQRRSURSDQR\HQHORWUR
H[WUHPR6DQ)UDQFLVFR/LEUH HOPXQLFLSLRFRQPD\RUSRUFHQWDMHGHSREODFLyQUXUDO HQGRQGHFHUFDGH
QXHYHGHFDGDGLH]KRJDUHV XWLOL]DQOHxDSDUDFRFLQDU
&XDQGR VH FRQVLGHUD HO iUHD GH UHVLGHQFLD VH SUHVHQWDQ FRQWUDVWHV PD\RUHV (Q HO iUHD XUEDQD GHO
PXQLFLSLR GH 0DQDJXD DXPHQWD OHYHPHQWH HO SRUFHQWDMH GH KRJDUHV GRQGH VH XWLOL]D JDV EXWDQR R
SURSDQR SDUD FRFLQDU \ HQ OD SDUWH UXUDO GH 6DQ )UDQFLVFR /LEUH HO SRU FLHQWR GH ORV KRJDUHV
FRFLQDQFRQ OHxD YDORUHVHOHYDGRVVXSHULRUHVDO SRUFLHQWRGHORVKRJDUHVTXH KDFHQ XVRGHOHxD
SDUDFRFLQDUHQHVWHiPELWRHVWiQHQ6DQ5DIDHOGHO6XU9LOOD(O&DUPHQ\7LSLWDSD
&DUDFWHUL]DFLyQ6RFLRGHPRJUiILFDGHO'HSDUWDPHQWRGH0DQDJXD
CONCEPTOS,
DEFINICIONES BÁSICAS
Y
NOTA TÉCNICA
9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD
,1,'(
&21&(3726<'(),1,&,21(6%È6,&$6
(Q HVWD SDUWH VH SUHVHQWDQ ORV FRQFHSWRV \ GHILQLFLRQHV TXH DPHULWDQ ORV WHPDV LQYHVWLJDGRV HQ ORV
&HQVRV1DFLRQDOHV3ULPHUDPHQWHVHGHILQHQFRQFHSWRVTXHVRQFRPXQHVSDUDWRGDODHVWDGtVWLFD
FHQVDODFRQWLQXDFLyQVHVLJXHFRQORVFRUUHVSRQGLHQWHVDFDGDFDStWXOR$GLFLRQDOPHQWHHVFRQYHQLHQWH
LQGLFDUTXHHVWDSUHVHQWDFLyQQRHVH[KDXVWLYDKD\WHPDVLQFOXLGRVHQORVFHQVRVFRQVXVFDWHJRUtDVX
RSFLRQHV TXH QR UHTXLHUHQ GH PD\RUHV DFODUDFLRQHV /D LQFOXVLyQ GHO FXHVWLRQDULR FHQVDO D\XGD DO
XVXDULR GHORVGDWRVDSRUWDQGRFRQODVSUHJXQWDV\ODVRSFLRQHVFRQWHPSODGDVHQHOODVTXHSHUPLWHQ
FRQRFHUDFDEDOLGDGODIRUPDHQTXHVHREWXYRODLQIRUPDFLyQORTXHDSRUWDHQXQDPHMRULQWHUSUHWDFLyQ
GHORVGDWRVFHQVDOHVGHO
'HILQLFLRQHVJHQHUDOHV
&HQVRGHMXUHRGHUHFKR
/DVSHUVRQDVQDFLRQDOHV\H[WUDQMHUDVVRQFHQVDGDVHQHOOXJDUGRQGHUHVLGHQKDELWXDOPHQWHGHQWUR
GHOWHUULWRULR\DJXDVEDMRODMXULVGLFFLyQGHODUHS~EOLFDHVWpQSUHVHQWHVRQRDOPRPHQWRGHOFHQVR
5HVLGHQWHKDELWXDO
(V OD SHUVRQD TXH KD YLYLGR KDELWXDOPHQWH HQ HO KRJDU SRU VHLV PHVHV R PiV R TXH WHQLHQGR PHQRV
WLHPSRWLHQHODLQWHQFLyQGHYLYLUHQHOKRJDU
)HFKDGHUHIHUHQFLD
/DUHFROHFFLyQGHODLQIRUPDFLyQFHQVDOFRPSUHQGLyHOSHUtRGRGHOGHPD\RDOGHMXQLRGH
8QLGDGHVWDGtVWLFDGHLQYHVWLJDFLyQ
(VODYLYLHQGDHOKRJDU\ODVSHUVRQDVTXHYLYHQKDELWXDOPHQWHHQpVWRV
ÈUHDGHUHVLGHQFLD
8UEDQR
6H FRQVLGHUDURQ XUEDQDV ODV ORFDOLGDGHV FDEHFHUDV GHSDUWDPHQWDOHV UHJLRQDOHV \ PXQLFLSDOHV
DGHPiV ODV FRQFHQWUDFLRQHV GH SREODFLyQ GH R PiV KDELWDQWHV TXH FRQWDUDQ FRQ DOJXQDV
FDUDFWHUtVWLFDVWDOHVFRPRWUD]DGRGHFDOOHVVHUYLFLRGHOX]HOpFWULFDHVWDEOHFLPLHQWRVFRPHUFLDOHV
\RLQGXVWULDOHVHWF
5XUDO
/DV iUHDV UXUDOHV FRPSUHQGHQ ORV SREODGRV GH PHQRV GH KDELWDQWHV TXH QR UH~QHQ ODV
FRQGLFLRQHVXUEDQtVWLFDVPtQLPDVLQGLFDGDV\ODSREODFLyQGLVSHUVD
&$3Ë78/2
&DUDFWHUtVWLFDV6RFLRGHPRJUiILFDV
&HQVRGHSREODFLyQ
(VODRSHUDFLyQSRUPHGLRGHODFXDOVHGHWHUPLQDHOQ~PHUR\FDUDFWHUtVWLFDVGHWRGRVORVKDELWDQWHVGH
XQWHUULWRULRGHWHUPLQDGRHQXQPRPHQWRGDGR
(VWDGRFRQ\XJDO
(V OD XQLyQ WDQWR OHJDO FRPR GH KHFKR TXH LPSOLFD OD FRQIRUPDFLyQ GH SDUHMDV 6H LQYHVWLJD D OD
SREODFLyQGHDxRV\PiVFRQWHPSODQGRODVVLJXLHQWHVFDWHJRUtDV
8QLGR D MXQWDGR D 3HUVRQDTXH VLQH[LVWLUYtQFXORPDWULPRQLDOGHRUGHQOHJDOYLYH HQXQLyQOLEUHRGHKHFKRFRQRWUD
SHUVRQD
&DUDFWHUL]DFLyQ6RFLRGHPRJUiILFDGHO'HSDUWDPHQWRGH0DQDJXD
,1,'(
9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD
&DVDGR D 3HUVRQDTXHKDFRQWUDtGRPDWULPRQLROHJDO\TXHQRKDHQYLXGDGRQLVHKDGLYRUFLDGRRVHSDUDGR
6HSDUDGR D
3HUVRQDTXHHVWXYRFDVDGDRXQLGD\DFWXDOPHQWHHVWDVHSDUDGDGHVXFyQ\XJHRFRPSDxHUR\QR
YLYHHQXQLyQOLEUHRGHKHFKR FRQRWUDSDUHMD 'LYRUFLDGR D 3HUVRQD FX\R PDWULPRQLR IXH GLVXHOWR SRU OD YtD OHJDO \ DFWXDOPHQWH QR KD YXHOWR D FRQWUDHU
PDWULPRQLRQLHVWiXQLGDQLMXQWDGD
9LXGR D
3HUVRQDTXHKDELHQGRHVWDGRFDVDGDIDOOHFLyVXFyQ\XJH\DFWXDOPHQWHQRKDYXHOWRDFDVDUVHQL
HVWiXQLGDQLMXQWDGD
6ROWHUR D
3HUVRQDTXHQXQFDKDFRQWUDtGRPDWULPRQLRQLKDHVWDGRXQLGDRMXQWDGD
0LJUDFLyQ
(V HO PRYLPLHQWR TXH UHDOL]D OD SREODFLyQ \ TXH LPSOLFD XQ FDPELR GH UHVLGHQFLD &RPSUHQGH D OD
PLJUDFLyQLQWHUQDFLRQDO PRYLPLHQWRVGHSREODFLyQHQWUHSDtVHV \ODPLJUDFLyQLQWHUQD PRYLPLHQWRV
GHQWURGHOSDtV (PLJUDQWHHLQPLJUDQWH
/DSHUVRQDTXHLQJUHVDDXQDGLYLVLyQSROtWLFDDGPLQLVWUDWLYDGLIHUHQWHDODGHVXQDFLPLHQWRRUHVLGHQFLD
DQWHULRU VH FRQVWLWX\H HQ XQ PLJUDQWH 9LVWR GHVGH VX OXJDU GH RULJHQ HV XQ HPLJUDQWH \ HV XQ
LQPLJUDQWHUHVSHFWRDOOXJDUGHGHVWLQR(VWDGHQRPLQDFLyQEDVWDSDUDLGHQWLILFDUDODSREODFLyQFXDQGR
WUDVSRQHODIURQWHUDGHXQSDtV&XDQGRVHWUDVSDVDXQDGLYLVLyQSROtWLFDDGPLQLVWUDWLYDGHQWURGHOSDtV
VHWLHQHDXQHPLJUDQWHLQWHUQRUHVSHFWRDVX RULJHQ\DXQLQPLJUDQWHLQWHUQRVHJ~QVXGHVWLQR
0LJUDFLyQQHWD
'HQWUR GHOFUHFLPLHQWR RGHFUHFLPLHQWR GH OD SREODFLyQHO FRPSRQHQWH FRUUHVSRQGLHQWHD OD PLJUDFLyQ
UHFLEH HO QRPEUH GH VDOGR PLJUDWRULR HVWH VDOGR FXDQWLILFD OD PLJUDFLyQ QHWD FXDQGR ODV HQWUDGDV
VXSHUDQDODVVDOLGDVVHKDEODGHLQPLJUDFLyQQHWDHQHOFDVRFRQWUDULRVHWLHQHXQDHPLJUDFLyQQHWD
/XJDUGHQDFLPLHQWR
3DUD ILQHV FHQVDOHV VH HQWLHQGH SRU OXJDU GH QDFLPLHQWR GH OD SHUVRQD HO PXQLFLSLR GRQGH UHVLGtD
KDELWXDOPHQWH OD PDGUH DO PRPHQWR GH RFXUULU HO QDFLPLHQWR GH OD SHUVRQD GH OD FXDO VH REWLHQHQ ORV
GDWRVDXQTXHHOSDUWRRFXUULHUDHQXQPXQLFLSLRGLVWLQWRDOGHUHVLGHQFLDKDELWXDOGHODPDGUHSRUFDXVD
GHDWHQFLyQPpGLFDXRWUDUD]yQ
/XJDUGHUHVLGHQFLDDQWHULRU
(QHOFHQVRVHSUHJXQWyVREUHHOOXJDUGHUHVLGHQFLDHQXQDIHFKDILMDDQWHULRUVHXWLOL]yFRPRUHIHUHQFLD
HOPXQLFLSLRGHUHVLGHQFLDDxRVDQWHVSRUFRQVLJXLHQWHODSREODFLyQREMHWRGHHVWXGLRHVDTXHOODFRQ
DxRV\PiVGHHGDGDOPRPHQWRGHOFHQVR
3XHEORLQGtJHQDFRPXQLGDGpWQLFD
(V HO FRQMXQWR GH SHUVRQDV TXH PDQWLHQHQ XQD FRQWLQXLGDG KLVWyULFD FRQ VXV DQFHVWURV \ TXH D~Q
FRPSDUWHQWUDGLFLRQHV\VXVSURSLRVYDORUHVFXOWXUDOHV(QODSUiFWLFDFHQVDOHVODSHUVRQDTXHVHDXWR
UHFRQRFHFRPRSHUWHQHFLHQWHDXQSXHEORLQGtJHQDRFRPXQLGDGpWQLFD
5HOLJLyQ
&RQMXQWRGHFUHHQFLDV\GRJPDVTXHGHILQHQODVUHODFLRQHVHQWUHHOKRPEUH\ODGLYLQLGDG
&DUDFWHUL]DFLyQ6RFLRGHPRJUiILFDGHO'HSDUWDPHQWRGH0DQDJXD
9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD
,1,'(
)HFXQGLGDG
&RQ HVWH WpUPLQR VH H[SUHVD OD FDSDFLGDG TXH WLHQH XQD SREODFLyQ SDUD SURFUHDUVH /D IHFXQGLGDG
HVWXGLD ORV IHQyPHQRV FXDQWLWDWLYRV GLUHFWDPHQWH UHODFLRQDGRV FRQ OD SURFUHDFLyQ R UHSURGXFFLyQ
KXPDQDHQHOVHQRGHXQDSREODFLyQRGHXQDVXESREODFLyQ
&RPRXQLQGLFDGRUPX\JHQHUDOGHHVWDFDSDFLGDGVHKDFHXVRGHODLQIRUPDFLyQEULQGDGDSRUHOFHQVR
UHODWLYDDOWRWDOGHKLMRVWHQLGRVQDFLGRVYLYRV\DORVQDFLGRVYLYRVHQHODxRDQWHULRUDOFHQVRSRUODV
PXMHUHVGHDxRV\PiV
1DFLGRYLYR
3URGXFWR GH OD FRQFHSFLyQ TXH DO QDFHU GD PXHVWUDV GH DOJ~Q VLJQR GH YLGD UHVSLUDFLyQ OODQWR
PRYLPLHQWRVPXVFXODUHVODWLGRVGHOFRUD]yQHWF DXQTXHKD\DPXHUWRDOSRFRWLHPSRGHQDFHU
1DWDOLGDG
(VWDGHQRPLQDFLyQVHDSOLFDDODIUHFXHQFLDGHORVQDFLPLHQWRVTXHRFXUUHQHQXQDSREODFLyQ
0RUWDOLGDG
(VHOQ~PHURGHGHIXQFLRQHVRFXUULGDVHQXQDSREODFLyQGXUDQWHXQSHUtRGRGHWHUPLQDGR
&DUDFWHUtVWLFDV(GXFDFLRQDOHV
$OIDEHWD
(V OD SHUVRQD TXH VDEH OHHU \ HVFULELU XQ UHFDGR XQ PHQVDMH R XQ SiUUDIR GH XQ WH[WR VHQFLOOR (Q OD
SUiFWLFDFHQVDOHVODSHUVRQDTXHFRQWHVWDHQIRUPDDILUPDWLYDDODSUHJXQWDGHVLVDEHOHHU\HVFULELU
$QDOIDEHWD
3HUVRQD TXH GHFODUD TXHQRVDEHOHHUQLHVFULELU VH LQFOX\HQHQHVWDFDWHJRUtD ODV SHUVRQDVTXHVyOR
VDEHQOHHU
$VLVWHQFLDHVFRODU
6H FRQVLGHUD TXH H[LVWH DVLVWHQFLDHVFRODU FXDQGROD SHUVRQDVH HQFXHQWUDDFWXDOPHQWHHVWXGLDQGR \
HVWiPDWULFXODGDHQ XQFHQWUR GHHQVHxDQ]D SULPDULD VHFXQGDULDWpFQLFD RVXSHULRU\DVHDS~EOLFRR
SULYDGR
1LYHOGHLQVWUXFFLyQ
6H UHILHUH DO ~OWLPR JUDGR R DxR DSUREDGR HQ ODV GLIHUHQWHV HWDSDV GHO FLFOR HGXFDWLYR GHQWUR GH OD
HQVHxDQ]DIRUPDOSULPDULDVHFXQGDULDWpFQLFDVXSHULRU
&DUDFWHUtVWLFDV(FRQyPLFDV
7UDEDMR
(V FXDOTXLHU DFWLYLGDG ODERUDO TXH WHQJD FRPR ILQ OD SURGXFFLyQ GH ELHQHV \ VHUYLFLRV FRQ YDORU
HFRQyPLFRLQFOX\HODVDFWLYLGDGHVGHIDPLOLDUHVQRUHPXQHUDGRV\ODVUHDOL]DGDVSRUFXHQWDSURSLD(Q
ODSUiFWLFDFHQVDOVHFRQVLGHUyWUDEDMRHOKDEHUUHDOL]DGRXQDODERUUHPXQHUDGDRQRSRUORPHQRVXQD
KRUDHQODVHPDQDGHUHIHUHQFLD
3REODFLyQ(FRQyPLFDPHQWH$FWLYD 3($ 6HWUDWDGHODVSHUVRQDVTXHGXUDQWHHOSHUtRGRGHUHIHUHQFLDGHILQLGRHQHOFHQVRWLHQHQXQWUDEDMRROR
EXVFDQDFWLYDPHQWHRQREXVFDQSRUHVWDUDODHVSHUDGHXQDUHVSXHVWDSRUSDUWHGHXQHPSOHDGRUR
HVSHUDQFRQWLQXDUVXVODERUHVDJUtFRODV
1RHVWUDEDMR
/RV TXHKDFHUHV GHO KRJDU QR UHPXQHUDGR \ DFWLYLGDGHV TXH ODV SHUVRQDV UHDOL]DQ SDUD VX SURSLD
YLYLHQGD
&DUDFWHUL]DFLyQ6RFLRGHPRJUiILFDGHO'HSDUWDPHQWRGH0DQDJXD
,1,'(
9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD
2FXSDGRV
&RPSUHQGHDODVSHUVRQDVTXHGHFODUDURQTXHGXUDQWHODVHPDQDDQWHULRUDODHQWUHYLVWDWUDEDMDURQD
ODVTXHQRWUDEDMDURQSRUHVWDUGHYDFDFLRQHV SHUPLVR VXEVLGLRR HQIHUPHGDG \ D ODVTXH GHFODUDURQ
TXHQRWUDEDMDURQSHURUHDOL]DURQDFWLYLGDGHVFRPRYHQGHUHQSXHVWRILMRRDPEXODQWHODYDUSODQFKDU
FRVHUDMHQRKDFHU\YHQGHUSDQWRUWLOODVGXOFHVDUWHVDQtDVD\XGDQWHVRDSUHQGL]ODERUHVGHFDPSRX
RWUDV DFWLYLGDGHV UHPXQHUDGDV (VWH FRQMXQWR GH SHUVRQDV FRQVWLWX\H OD 3REODFLyQ (FRQyPLFDPHQWH
$FWLYDRFXSDGD
'HVRFXSDGRV
&RPSUHQGHDORVFHVDQWHVDORVTXHEXVFDQWUDEDMRSRUSULPHUDYH]\DORVRWURVDFWLYRVTXHEXVFDURQ
WUDEDMRDFWLYDPHQWHHQODVGRV~OWLPDVVHPDQDVDQWHULRUHVDOGtDGHODHQWUHYLVWDFHQVDO(VWHFRQMXQWR
GHSHUVRQDVFRQIRUPDQOD3REODFLyQ(FRQyPLFDPHQWH$FWLYDGHVRFXSDGDFRPSUHQGH
&HVDQWHV
3HUVRQDV GHVRFXSDGDV TXH KDQ WUDEDMDGR DQWHULRUPHQWH \ EXVFDURQ WUDEDMR HQ ODV GRV ~OWLPDV
VHPDQDV
%XVFDQWUDEDMRSRUSULPHUDYH]
3HUVRQDV TXH QXQFD DQWHV KDEtDQ WUDEDMDGR \ EXVFDURQ DFWLYDPHQWH XQ WUDEDMR R HPSOHR SRU
SULPHUDYH]HQHOSHUtRGRFRQVLGHUDGR
2WURVDFWLYRV
3HUVRQDV GHVRFXSDGDV TXH QR WUDEDMDURQ HQ ODV VHPDQDV GH UHIHUHQFLD SRUTXH HVSHUDEDQ
FRQWLQXDU VXV ODERUHV DJUtFRODV SHFXDULDV R SRUTXH \D FRQVLJXLHURQ WUDEDMR R SRUTXH HVSHUDEDQ
UHVSXHVWDVGHXQHPSOHDGRU
3REODFLyQ(FRQyPLFDPHQWH,QDFWLYD 3(, &RQMXQWR GH SHUVRQDV TXH QR WHQLHQGR RFXSDFLyQ QR EXVFDQ HPSOHR DFWLYDPHQWH &RPSUHQGH D ORV
HVWXGLDQWHV SHUVRQDV TXH VH GHGLFDQ D ORV RILFLRV R TXHKDFHUHV GHO KRJDU SHQVLRQDGRV MXELODGRV UHQWLVWDVLQFDSDFLWDGRVSHUPDQHQWHVDQFLDQRV\DRWURVFRPRXQDFDWHJRUtDUHPDQHQWH(VWDSREODFLyQ
HFRQyPLFDPHQWHLQDFWLYDGHSHQGHHFRQyPLFDPHQWHGHOD3($LQFOX\H
(VWXGLDQWH
3HUVRQDVTXH DVLVWLHURQDOD HVFXHOD FROHJLRRXQLYHUVLGDG \QRHIHFWXDURQQLQJ~QWUDEDMRGXUDQWHODV
VHPDQDVGHUHIHUHQFLD
2ILFLRVRTXHKDFHUHVGHOKRJDU
3HUVRQDV KRPEUHV R PXMHUHV GHGLFDGDV H[FOXVLYDPHQWH D ORV TXHKDFHUHV GRPpVWLFRV \ QR UHDOL]DQ
QLQJXQDDFWLYLGDGUHPXQHUDGD
3HQVLRQDGRMXELODGRRUHQWLVWD
3HUVRQDV TXH SRU HQIHUPHGDG DFFLGHQWH X RWUD FDXVD UHFLEHQ XQD SHQVLyQ SHUVRQDV UHWLUDGDV GH OD
DFWLYLGDGHFRQyPLFDSRUKDEHUFRPSOHWDGRHOWLHPSRGHVHUYLFLRHQXQWUDEDMR\SHUVRQDVTXHYLYHQGH
DKRUURVLQWHUHVHVRDOTXLOHUGHSURSLHGDGHV
,QFDSDFLWDGRSHUPDQHQWH
(V OD SHUVRQD TXH VXIUH DOJXQD R DOJXQDV GHILFLHQFLDV ItVLFDV R PHQWDOHV TXH OH LPSLGHQ HO
IXQFLRQDPLHQWRDGHFXDGRGHDOJXQDSDUWHGHVXFXHUSRTXHDIHFWDQVXVUHODFLRQHVFRQORVGHPiV\ROH
LPSLGHGHGLFDUVHDXQDDFWLYLGDGHFRQyPLFD
$QFLDQR
(VODSHUVRQDTXHGHELGRDVXDYDQ]DGDHGDGHVWiLQFDSDFLWDGDDUHDOL]DUDOJXQDDFWLYLGDGHFRQyPLFD
2WUR
3HUVRQDVTXHQRWUDEDMDQQLEXVFDURQWUDEDMR\TXHQRVHSXHGHQXELFDUHQODVFDWHJRUtDVDQWHULRUHV
&DUDFWHUL]DFLyQ6RFLRGHPRJUiILFDGHO'HSDUWDPHQWRGH0DQDJXD
9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD
,1,'(
5DPDGHDFWLYLGDG
&RQVLVWHHQODDFWLYLGDG HFRQyPLFDTXHUHDOL]DODIiEULFDLQGXVWULDWDOOHUILQFDRHVWDEOHFLPLHQWRHQHO
TXHODSHUVRQDWUDEDMDRWUDEDMy
6HFWRUHVHFRQyPLFRV
(VWRV UHIOHMDQ OD RUJDQL]DFLyQ HFRQyPLFD HO JUDGR GH GHVDUUROOR WHFQROyJLFR \ HQ DOJXQD PHGLGD ORV
SURFHGLPLHQWRVDGPLQLVWUDWLYRVTXHFDUDFWHUL]DDOSDtV/DVDJUXSDFLRQHVGHODVDFWLYLGDGHVHFRQyPLFDV
VHFODVLILFDQHQVHFWRUSULPDULRVHFXQGDULR\WHUFLDULR
6LWXDFLyQ2FXSDFLRQDO
/DVLWXDFLyQRFXSDFLRQDOFRQVLGHUDSDUDHIHFWRVFHQVDOHVDORVWUDEDMDGRUHVSHUPDQHQWHV\WUDEDMDGRUHV
WHPSRUDOHV
7UDEDMDGRUSHUPDQHQWH
(VDTXHOODSHUVRQDTXHWUDEDMDGHPDQHUDUHJXODU\FRQWLQXDHQXQPLVPRFHQWURGHWUDEDMRGXUDQWHVHLV
PHVHVRPiV
7UDEDMDGRUWHPSRUDO
(VDTXHOODSHUVRQDTXHWUDEDMDSRUXQWLHPSRGHWHUPLQDGRHVGHFLUTXHWLHQHXQWLHPSRILMRGHGXUDFLyQ
PHQRUDORVVHLVPHVHV
0RYLOLGDGODERUDO
6HFRQVLGHUDPRYLOLGDGODERUDODOGHVSOD]DPLHQWRGHODPDQRGHREUDGHXQPXQLFLSLRKDFLDRWURRKDFLD
RWURSDtVVLQLPSOLFDUFDPELRGHUHVLGHQFLDGHODSREODFLyQRFXSDGDTXHWLHQHVXOXJDUGHWUDEDMRHQHO
PXQLFLSLRRSDtVGHGHVWLQR
&$3Ë78/2
9LYLHQGD
(VWRGRORFDOIRUPDGRSRUXQRRPiVFXDUWRVHVWUXFWXUDOPHQWHVHSDUDGRHLQGHSHQGLHQWHGHVWLQDGRDO
DORMDPLHQWRGH XQD R PiV SHUVRQDV SDULHQWHV R QR (V VHSDUDGR SRUTXH HVWi GHOLPLWDGR SRU SDUHGHV
PXURVRFHUFDV\HVLQGHSHQGLHQWHSRUTXHVHSXHGHHQWUDU\VDOLUVLQSDVDUSRURWUDVYLYLHQGDVWHQLHQGR
DFFHVRGLUHFWRGHVGHODFDOOHRSRUPHGLRGHXQSDVLOOR
7LSRGHYLYLHQGD
(QSULPHUDLQVWDQFLDODVYLYLHQGDVVHGLYLGHQHQSDUWLFXODUHV\FROHFWLYDVFRQWHPSODQGRODRSFLyQVLQ
YLYLHQGDSDUDODVSHUVRQDVTXHXWLOL]DQHVSDFLRVDELHUWRVSDUDGRUPLU
9LYLHQGDSDUWLFXODU
(V WRGR ORFDO IRUPDGR SRU XQ FXDUWR R FRQMXQWR GH FXDUWRV GHVWLQDGRV DO DORMDPLHQWR GH XQR R PiV
KRJDUHV WDOHV FRPR FDVD TXLQWD DSDUWDPHQWR FXDUWR HQ FXDUWHUtD UDQFKR R FKR]D YLYLHQGD
LPSURYLVDGD\ORFDOXVDGRFRPRYLYLHQGD
9LYLHQGD&ROHFWLYD
(V HO ORFDO GH KDELWDFLyQ GRQGH UHVLGH XQ JUXSR GH SHUVRQDV JHQHUDOPHQWH VLQ YtQFXOR IDPLOLDU WDOHV
FRPR KRWHO SHQVLyQ PRWHO KRVSHGDMH FDVD GH KXpVSHGHV KRVSLWDO VDQDWRULR R FOtQLFD FHQWUR GH
UHKDELOLWDFLyQDVLORRUIDQDWRLQVWLWXFLyQUHOLJLRVDRLQWHUQDGRFiUFHORWXWHODU
6LQYLYLHQGD
(VXQHVSDFLRItVLFRTXHQRFXPSOHFRQQLQJXQRGHORVFRQFHSWRVGHYLYLHQGDH[SXHVWRVDQWHULRUPHQWH\
TXH DOJXQDV SHUVRQDV XWLOL]DQ SDUD GRUPLU (MHPSOR SDUTXHV PHUFDGRV DFHUDV SDUDGDV GH EXVHV X
RWURVHVSDFLRVDELHUWRV
&DUDFWHUL]DFLyQ6RFLRGHPRJUiILFDGHO'HSDUWDPHQWRGH0DQDJXD
,1,'(
9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD
9LYLHQGDRFXSDGD
6HFRQVLGHUDYLYLHQGDRFXSDGDFXDQGRKD\UHVLGHQWHVKDELWXDOHVHQHOOD
7LSRGHWHQHQFLD
&RPSUHQGHODVGLVWLQWDVIRUPDVHQTXHORVUHVLGHQWHVKDELWXDOHVRFXSDQODYLYLHQGD
$OTXLODGD
6HRFXSDXQDYLYLHQGDDFDPELRGHXQSDJRHQFRQFHSWRGHDUUHQGDPLHQWR
3URSLDFRQHVFULWXUD
6HSRVHHXQGRFXPHQWRTXHDFUHGLWDODSHUWHQHQFLDGHODYLYLHQGDDDOJXQDSHUVRQDTXHODKDELWD
SRUKDEHUODFRPSUDGRRFRQVWUXLGDFRQXQSUpVWDPR\HVWiWRWDOPHQWHSDJDRODKHUHGy
3URSLDVLQHVFULWXUD
(VODYLYLHQGDFX\RGHUHFKRGHSURSLHGDGKDVLGRDGTXLULGRFRQHOSDVRGHOWLHPSRQRVHWLHQHXQ
GRFXPHQWROHJDOTXHODDFUHGLWHFRPRSURSLD
3DJiQGRVHDPRUWL]iQGRVH
(VODYLYLHQGDFRQVWUXLGDFRQXQSUpVWDPRDGTXLULpQGRVHODHVFULWXUDDOWHUPLQDUGHSDJDUOD
3UHVWDGD
6HWUDWDGHXQDYLYLHQGDDMHQDRFXSDGDWHPSRUDOPHQWH
&HGLGD
9LYLHQGD TXH HVWD VLHQGR KDELWDGD FRPR XQ EHQHILFLR TXH OH EULQGD HO FHQWUR GH WUDEDMR R SRUTXH
SHUWHQHFHDDOJ~QIDPLOLDU
&$3Ë78/2
+RJDU
(VWiIRUPDGRSRUXQDSHUVRQDRJUXSRGHSHUVRQDVSDULHQWHVRQRTXHYLYHQEDMRXQPLVPRWHFKR\TXH
SUHSDUDQHQFRP~QVXVDOLPHQWRV ROODFRP~Q -HIHRMHIDGHOKRJDU
(VODSHUVRQDUHFRQRFLGDFRPRWDOSRUORVGHPiVPLHPEURVUHVLGHQWHVKDELWXDOHVGHOKRJDU
&DUDFWHUL]DFLyQ6RFLRGHPRJUiILFDGHO'HSDUWDPHQWRGH0DQDJXD
9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD
,1,'(
127$7e&1,&$
'HILQLFLyQGHWpUPLQRVLQGLFDGRUHV\PHGLGDVXWLOL]DGDVHQOD&DUDFWHUL]DFLyQ6RFLRGHPRJUiILFD
GHO'HSDUWDPHQWRGH0DQDJXD
3HUtRGRLQWHUFHQVDO
(VHOSHUtRGRGHWLHPSRJHQHUDOPHQWHH[SUHVDGRHQDxRVHQWUHXQFHQVR\RWUR
¾ 7DVDGHFUHFLPLHQWRH[SRQHQFLDO
(VWHWLSR GHFRPSRUWDPLHQWR WLHQH LPSOtFLWRGXUDQWH HOSHUtRGRGHREVHUYDFLyQHQ HVWHFDVRHQWUH
XQ FHQVR \ RWUR HO KHFKR GH TXH FLHUWDV SREODFLRQHV FUHFHQFRQIRUPH D XQD IXQFLyQ H[SRQHQFLDO
TXHWLHQHFRPRYDULDEOHHOWLHPSR
/DH[SUHVLyQPDWHPiWLFDGHODIXQFLyQH[SRQHQFLDODSOLFDGDHQHOFDPSRGHPRJUiILFRHVODVLJXLHQWH
1 W 1 HUW
(QGRQGH
1 W HVODSREODFLyQHQXQPRPHQWRW
1 HVODSREODFLyQHQXQPRPHQWRLQLFLDORPRPHQWRDQWHULRU
HHVODFRQVWDQWHGH(XOHU EDVHGHORVORJDULWPRVQDWXUDOHV YDOH
UHVODWDVDGHFUHFLPLHQWRGHODSREODFLyQ
WHVHOWLHPSRWUDVFXUULGRHQHOLQWHUYDOR W 'HODH[SUHVLyQDQWHULRUVHGHGXFHTXHODWDVDGHFUHFLPLHQWRHV
U W OQ1 W 1 (QODVDSOLFDFLRQHVHIHFWXDGDV1 W UHSUHVHQWDODSREODFLyQGHXQFHQVRPiVUHFLHQWH1 ODSREODFLyQ
GHOFHQVRDQWHULRU\WHOWLHPSRWUDQVFXUULGRHQWUHDPERVFHQVRV
¾ 'HQVLGDGGHSREODFLyQ
6HGHILQHFRPRODSREODFLyQSRUXQLGDGGHVXSHUILFLHWHUUHVWUHVXSRQHXQDGLVWULEXFLyQXQLIRUPHGH
ODSREODFLyQHQHOWHUULWRULRHOLQGLFDGRUXWLOL]DGRHQORVFXDGURVUHVSHFWLYRVH[SUHVDHOQ~PHURGH
KDELWDQWHVSRUNLOyPHWURFXDGUDGR
¾ 5HODFLyQRUD]yQGHPDVFXOLQLGDG 50 (VHOFRFLHQWHHQWUHODSREODFLyQPDVFXOLQD\ODIHPHQLQDPXOWLSOLFDGRSRUH[SUHVDHOQ~PHUR
GHKRPEUHVSRUFDGDPXMHUHV8QFRFLHQWHPD\RUTXHLPSOLFDXQSUHGRPLQLRGHKRPEUHV
DOUHGHGRU GH XQ HTXLOLEULR HQWUH ORV VH[RV \ XQ YDORU LQIHULRU D UHIOHMD XQ SUHGRPLQLR GH
PXMHUHV
¾ 3URPHGLRGHKLMRVSRUPXMHURSDULGH]PHGLD 3L
(VHOFRFLHQWHHQWUHHOQ~PHURGHKLMRVWHQLGRVQDFLGRVYLYRV\HOQ~PHURGHPXMHUHVJHQHUDOPHQWH
HO GHQRPLQDGRU HVWi FRQVWLWXLGR SRU ODV PXMHUHV GH DxRV \ PiV WDPELpQ VXHOH FDOFXODUVH SRU
JUXSRVTXLQTXHQDOHVGHHGDG DxRV«HWF ¾ 7DVDJOREDOGHIHFXQGLGDG 7*) (VHOQ~PHURGHKLMRVTXHHQSURPHGLRWHQGUtDXQDPXMHUTXHGXUDQWHVXSHUtRGRIpUWLOWXYLHUDVXV
KLMRV GH DFXHUGR D ODV WDVDV GH IHFXQGLGDG SRU HGDG GH OD SREODFLyQ HQ HVWXGLR \ QR HVWXYLHUD
H[SXHVWD D ULHVJRV GH PRUWDOLGDG GHVGH HO QDFLPLHQWR KDVWD HO WpUPLQR GHO SHUtRGR IpUWLO (Q IRUPD
SUiFWLFD HVWD PHGLGD VH REWLHQH VXPDQGR ODV WDVDV GH IHFXQGLGDG SRU HGDG \ PXOWLSOLFDQGR SRU FXDQGRHVWDVWDVDVVHFRUUHVSRQGHQFRQORVJUXSRVTXLQTXHQDOHV«DxRV &DUDFWHUL]DFLyQ6RFLRGHPRJUiILFDGHO'HSDUWDPHQWRGH0DQDJXD
,1,'(
9,,,&HQVRGH3REODFLyQ\,9GH9LYLHQGD
¾ 7DVDGHIHFXQGLGDGSRUHGDG
7DPELpQGHQRPLQDGDWDVD(VSHFtILFDGH)HFXQGLGDGVHGHILQHFRPRHOFRFLHQWHHQWUHHOQ~PHURGH
QDFLPLHQWRVUHJLVWUDGRVHQXQDxRSURYHQLHQWHVGHPXMHUHVGHXQDGHWHUPLQDGDHGDG RJUXSRGH
HGDGHV FRQ UHVSHFWR D OD SREODFLyQ IHPHQLQD GH HVD PLVPD HGDG D PLWDG GHO DxR FRQVLGHUDGR
(VWDV WDVDV HVWiQ UHIHULGDV DO SHUtRGR IpUWLO GH ODV PXMHUHV GH ORV D ORV DxRV VL VH GHILQHQ
JUXSRV TXLQTXHQDOHV GH HGDG VH WLHQH XQ FRQMXQWR GH VLHWH WDVDV 'DGR TXH VH UHJLVWUDQ
QDFLPLHQWRVGHPXMHUHVPHQRUHVGHDxRVHVWRVQDFLPLHQWRVVHDJUHJDQDORVQDFLPLHQWRVGHODV
PXMHUHVGHDxRVHQHORWURH[WUHPRVLVHUHJLVWUDQQDFLPLHQWRVGHPXMHUHVGHDxRV\PiV
pVWRVVHVXPDQDORVQDFLPLHQWRVGHODVPXMHUHVGHDxRV
¾ 7DVDGH0RUWDOLGDG,QIDQWLO 70, 6HUHILHUHDODPRUWDOLGDGHQHOSULPHUDxRGHYLGD$SDUWLUGHORVUHJLVWURVHVWHLQGLFDGRUVHGHILQH
FRPR HO FRFLHQWH GH ODV GHIXQFLRQHV GH QLxRV DV PHQRUHV GH XQ DxR FRQ UHVSHFWR D ORV
QDFLPLHQWRVGHHVHDxRPXOWLSOLFDGRSRUPLOH[SUHVDFXiQWRVQLxRV DV PXHUHQHQXQDxRSRUFDGD
PLOQDFLGRVYLYRV(QODVDSOLFDFLRQHVSUHVHQWDGDV OD70,VHGHULYDDSDUWLUGHPpWRGRVLQGLUHFWRV
SHURVXLQWHUSUHWDFLyQHVODPLVPD
&DUDFWHUL]DFLyQ6RFLRGHPRJUiILFDGHO'HSDUWDPHQWRGH0DQDJXD
&5e',726'(3$57$0(17$/(6
/H\ODGHO&DUPHQ0RUDOHV6DQGLQR
$tGD*XLOOpQ5LYDV
0XQLFLSLR 6DQ)UDQFLVFR/LEUH 7LSLWDSD 0DWHDUH 9LOOD(O&DUPHQ &LXGDG6DQGLQR 0DQDJXD 'LVWULWR,, 'LVWULWR,,, 'LVWULWR,9 'LVWULWR9 'LVWULWR9, 7LFXDQWHSH (O&UXFHUR 6DQ5DIDHOGHO6XU 'HOHJDGR'HSDUWDPHQWDO
$X[LOLDU7pFQLFR'HSDUWDPHQWDO
'HOHJDGRV0XQLFLSDOHV
$X[LOLDUHV7pFQLFRV0XQLFLSDOHV
-XDQ&DUORV6DOGDxD0DUWtQH]
0DUWKD/XFtD/RUHGR3pUH]
&DUORV1DUFLVR$FXxD6HTXHLUD
9tFWRU*XWLpUUH]*XWLpUUH]
/RUHQDGHORVÉQJHOHV/H]FDQR
'D\VL0HQGR]D(VSLQR]D
$PSDUR5RPHUR$EDUFD
5LJREHUWR*DUFtD&DVWDxHGD
2VFDU'DQLOR5RFKD7HOOHUtD
0DUORQ-RVp'XDUWH/DQX]D
*UHWKHO*XHYDUD*XWLpUUH]
%UHQGD/LVVHWKH*XWLpUUH]
,YHWK(VSLQR]D&DOHUR
'RXJODV2UWHJD0DQ]DQDUHV
-RVp$QWRQLR6iQFKH]/RUtR
6DPDULD3DOHQFLD&UX]
-XVWLQR+LSDUFR3pUH]0H\QDUG
-RVp0LJXHO*XHYDUD(VWUDGD
5RVD0DUtD&DVWLOOR0DLUHQD
3DWULFLD5DPtUH])ORUHV
-HDQQHWWH0RQWLHO
5RVD(VWKHU)HUQiQGH]
(PLOLR6HYLOOD&DUGHQDO
6HUJLR=HOHGyQ-DUTXtQ
/LGLD&DVWLOOR(VSLQR]D
-RKDQQD3DVWRUD*DUFtD2UR]FR
$VWUDOLD0RUDOHV%URZQ
&KULVWLDQ(VSLQDOHV3LQHGD
7e&1,&261$&,21$/(6
0XQLFLSLR 7pFQLFRV1DFLRQDOHV
7LSLWDSD 0DQDJXD /HVELDGHO6RFRUUR$OPDQ]D
6LJIULGR*XHYDUD4XLQWHUR
'LVWULWR,, 7HUHVDGH-HV~V0DUWtQH]%RMRUJH
'HSDUWDPHQWRGH0DQDJXD
-LPP\0DUWtQ5RVDOHV2UWt]
'LVWULWR,,, 6LOYLD6DQGRYDO5HxD]FR
*ULVHOGD3DWULFLD&DOGHUD/ySH]
-XDQD-RVHID/ySH]5DPtUH]
'LVWULWR9\ $UJHQWLQDGHO6RFRUUR0HGLQD
'LVWULWR9,
/LOOLDP$UDFHO\V*RQ]iOH]*RQ]iOH]
'LVWULWR,9 %ULJDGD(VSHFLDO $QD,VDEHO0RUDOHV6iHQ]
(QD/\]7yUUH]0DLUHQD
$JQHVGHO5RVDULR&RUUDOHV5RGUtJXH]
Descargar